WASHINGTON, DC – U.S. Senator Pat Roberts today released the following statement regarding the pending Senate vote on the economic rescue plan:

"I understand and share the concerns Kansans have about the turmoil in the financial market," Senator Roberts said. "Like all Kansans, I want to make sure we have stability in our markets and our economy.

"However, Kansans – by the thousands – have made clear to me that the financial plan currently before the Congress is not acceptable. I agree. It is not clear this plan will get the job done.

"The plan permits taxpayer dollars to be used to buy assets of foreign financial institutions that have a presence in the United States. If U.S. taxpayer dollars are going to be put at risk, those dollars should be used to shore up U.S. based companies.

"In addition, the proposal says that if this plan has lost taxpayers’ money at the end of five years, the president must develop a plan to recover losses from the financial services sector. I’m very concerned that an open ended plan such as this could result in new taxes or regulatory proposals that would punish Kansas banks and institutions that had little if anything to do with the current financial problems.

"Let me be clear: I strongly support the tax extenders, disaster assistance, and mental health parity legislation that are included in this bill. I voted with 92 other senators to pass them in September. However, I cannot in good conscious vote for this proposal – even with these provisions attached.

"Kansans who have worked hard and lived within their means should not have their hard-earned dollars used to bail out financial firms that made risky financial decisions.

"It’s important Congress act responsibly to shore up America’s confidence in the financial system. Unfortunately, this proposal is still flawed. It does not protect taxpayers, contains no meaningful oversight, may not solve the crisis and is seen by most Americans as rewarding greed. I will continue working with my colleagues for a solution that protects the economy and American taxpayers while also stabilizing savings and investments. This difficult task requires patience by investors and bipartisan cooperation, but I believe it can be accomplished."

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