U.S. Rep. Ed Whitfield (R-Hopkinsville) joined 132 fellow Republicans and 95 Democrats - including both from Kentucky's Congressional delegation - in opposing today's economic bailout package in a vote on the floor of the U.S. House.
In a statement released today, Whitfield said he "reluctantly decided to oppose" the legislation for several enumerated reasons.
Whitfield argued the $700 billion planned bailout "would weaken our government's financial status" by adding to the national debt.
Whitfield also took a statistical approach to the financial fluctuations, citing an recent FDIC report he said indicated "only 1.6% of our nation’s banks have a financial problem."
The structure of the bailout legislation itself was also criticized by the Republican from western Kentucky. Whitfield argued the package needed a "limit" on "overall executive compensation," while claiming the authority granted to the Secretary of the Treasury in the bill was "unprecedented."
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