U.S. Sen. Ben Cardin, D-Md., voted Wednesday in favor of the government’s proposed $700 billion plan to revive the nation’s failing credit market, which passed the Senate 74-25. Cardin told The Examiner he believed the House would also pass the bill in a vote today, after defeating its original version earlier this week.
He took time Wednesday to answer a few questions from The Examiner.
What have the past two weeks been like for you?
“Well it’s been a very troubling time, troubling for many reasons. The fear of losing jobs, losing savings, it’s been a major uncertainty which has led to fear. People are angry, angry that we’re in this position, and I share that anger.”
Why did you vote in favor of the bailout bill?
“People are looking to us to do something about it, they clearly want us to take action, and I think the bill moving through Congress is doing that the right way.
“I would have done it differently, but it hopefully the House will take the Senate’s lead and pass the bill.”
How would you have done the bailout differently?
“I would have provided more protection for homeowners. I particularly felt there was a need for bankruptcy judges to be able to adjust home mortgages, there should have been more protections, could have strengthened those protections. ”
What was your reaction when you learned the bailout had failed in the House?
“I think the Senate was surprised that it came up for a vote and the votes weren’t there. But we knew we needed to pass legislation, that we couldn’t sit on the sidelines.
“I was in a caucus meeting when it occurred, the feeling was that the framework was good but that we should modify [the bill]. It was a chance to strengthen the bill, especially with increase in the FDIC insurance cap.”
Could the House defeat the bailout again?
“I don’t think we’re looking at that. My expectation is that the leadership won’t bring it to a vote unless they have the votes to make it pass.”
