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(KSL News) The U.S. House shot down an emergency $700 billion financial rescue package today. Two of Utah's three House members voted against it.
Republican Rep. Rob Bishop told KSL's Doug Wright, "It still lacks a great deal. It still appropriates $700 billion or puts it at risk. It doesn't make the insurance mandatory."
Rep. Bishop also said lawmakers did not give themselves time to explore other options that don't take a lot of money and create capital.
Democrat Rep. Jim Matheson also voted against the bill.
"There is too much uncertainty about whether this bill will steady the financial ship. There is no tangible effort at reform of our financial system to prevent Wall Street from running the boat onto the rocks in the future," Matheson said, according to a press release.
He says he doesn't agree with government being in the business of bailing out private companies that make bad business decisions. He said, "While the current financial crisis is unsettling, I believe more thoughtful attempts are needed - including necessary reforms — to calm the volatility in the markets."
Rep. Chris Cannon, also a Republican, voted for the bill.
The House says it will not vote again today.
The president of the Utah Bankers Association says he is disappointed with the House rejection of the bill.
Howard Headlee says the Treasure Department proposal is misunderstood. He says it's not really a bailout, but a proposed giant swap between liquid short-term assets for long-term mortgages.
