Rep. Frank Lucas Opposes Housing Bailout

Mar 05, 2009

Washington, DCToday, Congressman Frank Lucas stood up for the American taxpayer by voting against a $275 billion housing bill that would reward irresponsible home buyers with taxpayer money.  The controversial program has been panned by financial experts as well as many Americans.

The housing bill includes provisions that will allow bankruptcy judges to write down the principal and interest rate of loans for people whose mortgages are higher than the value of their homes.  In addition, it will overhaul the unsuccessful Hope for Homeowners program, which has assisted only 43 homeowners since enactment last summer.

“There are aspects of this bill that I support, such as permanently raising the insurance limit for the FDIC from $100,000 to $250,000.  This will help to strengthen our banks, especially local and rural banks,” stated Lucas.  “However, the precedence that this bill sets- that the government will bail you out if you make an irresponsible or negligent decisions- is just bad policy, plain and simple.”

The housing bill passed the House by a vote of 234-191 and will most likely be considered by the Senate sometime this month. 

# # #

Recent Posts

Feb 20, 2024

Lucas: USDA fails to deliver support to Oklahoma farmers.

Washington, DC – At today’s House Agriculture Committee hearing, Congressman Lucas questioned Secretary of Agriculture Tom Vilsack over the Biden Administration’s failed Emergency Relief Program (ERP). Congressman Lucas noted that producers in Oklahoma were feeling the negative affects of the ERP 2022 program. Secretary Vilsack questioned this claim, prompting Congressman Lucas to defend his constituents. Click here or […]

Feb 6, 2024

Secretary Yellen Dodges Basel Endgame Questioning

Washington, DC – Today, Congressman Lucas followed up with Secretary Yellen on whether Treasury has discussed the impact of the Basel Endgame proposal with the Federal Reserve. When asked a straightforward question on the detrimental impact of the proposal, Secretary Yellen had no answer. February 6, 2024 Lucas: “Are you concerned that the proposal will undermine the […]

Feb 6, 2024

Lucas to Hold February Town Hall Meetings

Yukon, OK – Congressman Frank Lucas (OK-03) will hold town hall meetings in Caddo, Kiowa, Jackson, and Roger Mills Counties this week. Residents around the locations are invited to attend and share their thoughts on current events in Washington, D.C. and across Oklahoma. The following town hall meetings were originally scheduled for last fall, but were […]