October 03, 2008 11:33 pm
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By Ron Jenkins
Associated Press Writer
OKLAHOMA CITY — Rep. Frank Lucas was the only U.S. House member from Oklahoma to vote against the financial bailout plan that passed the U.S. House on Friday by a 263-177 margin.
Reps. John Sullivan and Mary Fallin voted against the bailout earlier this week, but switched to “yes” on the Senate-approved version.
Reps. Tom Cole and Dan Boren — the delegation’s only Democrat — voted for the bailout for the second time.
Lucas said he could not justify voting for a complex plan that cost taxpayers so much money and was put together hastily without input from rank-and-file members of Congress.
He said most of his constituents were opposed to “rewarding the reckless behavior of Wall Street.”
“This is not the fault of my folks in the 3rd District of Oklahoma. The bottom line is I hope it works, because if it doesn’t, we’ll be back in session in January or February and they’ll be more of these ideas thrown out.”
Fallin said she changed her vote because the bill had been improved and because failure of Congress to act could lead to economic hardship for Oklahoma citizens and businesses.
“If the instability in our markets continues, it could affect the economic security of every family and every business in Oklahoma. It is for that reason that I decided, in what is surely one of the most difficult decisions I have made while in office, to support the economic rescue package,” she said.
Lucas and Fallin did not announce their positions heading into the vote. Sullivan disclosed Thursday he supports the bill.
“While the Senate passed financial rescue package is far from perfect — in fact it is a bitter pill to swallow — I am convinced that action needs to be taken to protect the pensions, investments and ability of Americans to obtain a line of credit, and therefore I will vote to support the bill,” Sullivan said.
The three reluctant Oklahoma Republicans had been under pressure to back the plan.
Lucas said among those contacting him were President Bush and Federal Reserve Chairman Ben Bernanke.
“I never got this kind of attention” on any other legislation, he said.
Cole, who supported both measures, said he questioned whether a “yes” vote was the right move, but couldn’t risk the consequences of failing to act.
“I am not willing to gamble the jobs, life savings, retirement accounts, the homes and the businesses of the people I represent,” he said.
Back in Oklahoma, the leaders of 14 top employers and the presidents of the two largest universities sent a letter urging the state’s delegation to unite behind the plan.
On Thursday, state Treasurer Scott Meacham said the financial meltdown is causing Oklahoma’s pension systems to suffer losses and threatens bond programs for roads, bridges and other vital programs.
Meacham said state pension accounts alone face potential losses of $73.4 million because of the failure of Lehman Brothers. He said the stock market’s tumble this week has increased the losses.
According to Meacham, instability in the country’s financial system is making it more difficult to sell bonds needed to fund state projects, such as $300 million in road and bridge improvements.
“There are just no buyers out there for bonds; there’s no liquidity,” the treasurer said. He said the lack of financing will drive up the cost of selling the bonds.
The state’s two senators split during Wednesday’s Senate vote on the bailout, with Tom Coburn voting for it and Jim Inhofe voting against the plan.
Meacham’s office said the Teacher Retirement System faces potential losses of $42 million because of the Lehman failure and the Oklahoma Public Employees Retirement System could lose $15.9 million. Next were the Commissioners of the Land Office, $9 million; CompSource, $4.3 million; and the Edge-Tobacco Endowments, $2.2 million.
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