Out of the six members of the U.S. Congress from Kansas, only one voted to support a $700 billion bailout package this week.
U.S. Rep. Dennis Moore (D-KS) was one of 205 members of the U.S. House of Representatives to vote “aye” on the legislation. Moore said the package was necessary because “inaction is not an option,” and said Congress must remain in session until a bailout is approved.
"The bill would have spread out the expenditures to make sure they are really needed, and mandated: 48-hour posting of all transactions on the Internet; warrants so the taxpayers share profits; aggressive foreclosure mitigation activities, tax provisions helping community banks; and independent Inspector General oversight," Moore said in a statement.
This week’s vote did not follow partisan ranks. Over one-third of Congressional Democrats opposed the bill and about one-third of Republicans supported the $700 billion proposal.
Fellow Democrat U.S. Rep. Nancy Boyda voted against the measure, along with U.S. Rep. Jerry Moran and U.S. Rep. Todd Tiahrt, who are both Republicans.
Moore’s opponent this November, current Kansas Sen. Nick Jordan, said he opposes the bill and criticized Moore in a statement Tuesday.
"Washington needs to stop asking the American people to pay for Congress' mistakes,” he said.
Jordan said he believes any bailout "must protect Kansas families who are not responsible for this mess."
U.S. Sen. Pat Roberts (R–KS) announced his opposition to the bill last week, while U.S. Sen. Sam Brownback said he had reservations about the bill.
“It does not protect taxpayers, contains no meaningful oversight, may not solve the crisis and is seen by most Americans as rewarding greed,” Roberts said. “I will continue working with my colleagues for a solution that protects the economy and American taxpayers while also stabilizing savings and investments.”
In debate about the plan, campaigns have framed the debate as “Wall Street vs. Main Street.”
However, Moore said the crisis on Wall Street will eventually hurt those on Main Street.
"The Dow dropped 777 points and our economy hangs in the balance as the choking off of credit will only increase the costs and difficulties for anyone who borrows to pay a mortgage, college tuition, buy a car, or purchase small business inventory," he said. "This will adversely affect retirement plans and seniors who are retired."
A day after the bailout failed, the Down Jones gained 485.21 points, and the NASDAQ increased by 98.60 points. Both increases were about a five percent increase in change on the market. The final margin for the bill's defeat was 228-205. Members from both parties suggested that a new package could be introduced either this week or next week.
