Earlier today, The House of Representatives rejected a $700 billion package designed to rescue the country's devastated financial industry.
Bronx Congressman Jose E. Serrano was one of those to vote against the plan. In a statement he said:
I understand the need to shore up our nation’s big banks to prevent a larger problem, but I cannot support such an action if it does nothing to help the millions of people facing foreclosure. Leaving them out of this package is shortsighted and guarantees that we will have to address the problem in the next Congress.
We must face the fact that the crisis in Wall Street stems from a mortgage crisis on Main Street. If we only bail out Wall Street, we have not addressed the root cause of the problem.
This is a tax on my constituents – the working people – to erase the consequences of the bad judgment of the fat cats down on Wall Street. I cannot support such a bill.
UPDATE: According to Crain's, Serrano was the only one of the city's 13 Representatives to vote no.