Senator Chambliss weighs in on bailout bill - WALB.com, South Georgia News, Weather, Sports

Senator Chambliss weighs in on bailout bill

By Delivrine Registre - bio | email

September 30, 2008

DOUGLAS, GA (WALB) - The stock market's poor performance Monday is the reason Georgia Senator Saxby Chambliss says the government has no choice but to step in. "There really is not an option of doing nothing. We've seen what happens in the market place when we do nothing."

And Chambliss was ready to approve the bill before the house rejected it. "I'll be criticized for the vote, but I think it's the right decision."

He says the most recent version addressed his concerns including providing oversight, investigating fraud among the banks and businesses that would receive aid, and eliminating provisions to the Federal Housing Department.

"I was opposed to the first bill. I was opposed to the second, but the third bill finally addresses the concerns that I had. It's not perfect, but it is a bill that I think gives us the opportunity to get out of this crisis."

Chambliss knows voting for the bill may hurt him politically. "All of the calls coming into my office are encouraging me to vote no. People are angry that we are in this situation. I'm angry. I'm mad that we are in this situation."

But he says is the right thing to do. "We have to figure out a way to get out of it. Yesterday we say people's retirement savings go down the drain to a large extent. We saw pension plans suffer because of the drop in the market. We have to do something to stabilize the financial markets in this country."

Chambliss also says that changes have to be made to lending regulations. But he does not want to increase them, but rather reform them to keep this credit crisis from happening again.

The Senate will go into session Wednesday night. And the House of Representatives will go back Thursday afternoon. Leadership on both sides will make revisions to the bailout plan and hope it will pass by the end of the week.

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