WASHINGTON—U.S. Representative Todd Tiahrt (R-Goddard) today issued the following statement about the Senate Wall Street bailout proposal.

"My decision to oppose the bailout bill today did not come easily," said Tiahrt. "This week I have talked with many hard-working Kansans who are concerned about their savings and even job security. We have a serious problem and need stability in our market.

"However, this $800 billion plan only provides temporary relief while shunning long-term reform and lasting stability. I cannot support a bill that throws money at a problem in hopes it will disappear. We need tough reforms to correct the mistakes that got us into this mess.

"The bailout proposal fails to hold anyone accountable. Wall Street CEOs who practiced deceit can still make out with lavish compensation packages while regular Kansans assume billions in bad debt. Even more troubling is the bill allows foreign financial institutions to participate in the bailout on the backs of American taxpayers.

"This bill provides no assurance that we will not be faced with this financial crisis again because it falls short in reforming the underlying problems."

The Senate-passed bailout bill (H.R. 1424) passed the House by a vote of 263-171.