Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., senior member of the Senate Banking Committee voted against the proposed bail out of the “Big Three” domestic automakers. Following the vote and the subsequent failure of the bill in the Senate Enzi made the following comments.
“After studying the proposals before Congress, I remain convinced that a multi-billion dollar bailout alone is not the answer. Unless a final plan is presented to us that is accountable and financially sound, I will vote on it the same as I have on previous bailouts – no.
“The “car czar” title may be catchy and cute, but what makes my colleagues believe a federal bureaucrat will be more successful in managing a multi-billion dollar company? Many of you may have heard the saying that if you think the problems the government creates are bad just wait until you see its solutions. This, I fear, could be the very manifestation of that saying. We need to provide the Big Three with the flexibility necessary to drastically change their business model, not continue to fund a failing one.
“Times are tough right now and they’re getting tougher. A failure of the auto industry would have a negative effect on America and Wyoming. However, I worry that putting taxpayers further in debt with a series of big-ticket bailouts will actually do more damage to our overall economy in the long run. There are things Congress can do to help, but it is very important that what we do has a reasonable chance of success and targets the heart of the problem. I do not want to throw federal IOUs at every problem just to say we did something.”
The bill, which needed at least 60 votes to pass, failed 52 to 35 in a Senate vote Thursday night.
Click here to view Enzi’s full speech.