Published: October 02, 2008 12:39 am            

Hamm among prominent state business, education leaders backing financial rescue

By Ron Jenkins

Associated Press Writer



OKLAHOMA CITY — An Enid businessman joined 15 other Oklahoma business and education leaders Wednesday to urge members of Oklahoma’s congressional delegation to act immediately to pass a plan to address the nation’s worsening economic crisis.

Oklahoma’s U.S. senators were divided Wednesday night when the Senate voted on a $700 billion financial industry bailout package, with Republican Sen. Tom Coburn voting for it and fellow Republican Sen. Jim Inhofe voting against it.

The Senate passed the measure by a wide margin, 74-25, a few hours after 16 Oklahoma business and education leaders joined together to urge members of Oklahoma’s congressional delegation to act immediately to pass a plan to address the nation’s worsening economic crisis.

State Treasurer Scott Meacham also called for quick congressional action on a new plan to rescue the nation’s failing financial markets.

Statements calling for the Oklahoma Congressional delegation to exert leadership came as the Senate was preparing to take up a revamped version of an economic bailout plan that was defeated earlier in the week by the House.

Harold Hamm, of Continental Resources Inc., joined other oil company executives Aubrey McClendon of Cheasapeake Energy Corp., Larry Nichols of Devon Energy Corp.; Stacy Schusterman of Samson and Tom Ward of SandRidge Energy in calling for action on a rescue plan.

On Monday, only two of the state’s five U.S. House members — Republican Tom Cole and Democrat Dan Boren — voted for the bailout proposal. Voting against it were GOP Reps. Mary Fallin, John Sullivan and Frank Lucas.

Dempsey said constituents calling the senator in Washington were overwhelmingly opposed to the plan. “We’ve been slammed with calls, 150 an hour. Almost all of them asked us to oppose the bailout plan,” he said.

University of Oklahoma President David Boren and Oklahoma State University President Burns Hargis joined the corporate leaders in urging congressional action.

Other businessleaders were Clay Bennett, chairman of the Oklahoma City Thunder NBA basketball team; George Kaiser, chairman of BOK Financial Corp.; Gene Rainbolt, chairman of BancFirst Corp.; Robert E. Lorton III, publisher, Tulsa World; George Records Sr., chairman of Midland Financial Co.; and CEOs Bill Cameron of American Fidelity Assurance Co., Pete Delaney of OGE Energy Corp.,John Gipson of ONEOK and Cliff Hudson of Sonic Corp.,

Failure of Congress to act will lead to a credit crunch that will cost the state jobs and make home mortgages even more difficult to obtain, the leaders said.

“Extended delay or defeat of the plan will hurt everyone,” even well managed companies, causing a decline in state revenues to fund education, health, safety and other essential programs, the statement said.

“Leadership matters and it is time to lead,” the group continued. “This is no time to play the blame game. We urgently need nonpartisan political leadership. We congratulate representatives Boren and Cole for their courageous vote earlier this week for the $700 billion economic recovery bill and we respectively request representatives Fallin, Lucas and Sullivan reconsider their opposition to the plan.”

Meacham said taxpayers are not happy about having to save private businesses from their poor decisions, but added “history teaches that failure to act in times of national crisis can be devastating. Herbert Hoover had to learn that lesson the hard way following the stock market crash of 1929.”

In a statement Monday, Coburn said there is no guarantee the plan will work, “but there is a guarantee that we will face a financial catastrophe if we do nothing.”