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Kaptur, Latta hold firm, but bailout passes

Tom Jackson • Mar 23, 2010 at 6:27 PM

By a 263-171 vote, the U.S. House has accepted the Senate's version of a $700 billion bailout bill.

North-central Ohio's two House members, U.S. Rep. Marcy Kaptur, D-Toledo, and U.S. Rep. Bob Latta,

R-Bowling Green, voted "No" Monday on the bill, and again voted Friday against the latest bill, resisting pressure from the media and party leaders to change their votes.

Latta has already released a statement explaining his vote. Here's the key quote:

"Unfortunately, the core language of this bill did not change from the bill that we voted on earlier this week.  This is still a $700 billion package with few details on how taxpayer money will be spent and how the Treasury Department arrived at the $700 billion figure.  In addition to the price tag of this legislation, there is still questionable language within the bill that fails to define financial instruments.  Without a clear definition, the Treasury Secretary has the authority to purchase almost any debt that he determines the purchase of which is necessary to promote stability.  Because these issues were not resolved during the latest negotiations, I could not support this legislation.  It is my firm belief that Congress must do all it can to protect the taxpayers' money and the bill fails to do so."

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