FOR IMMEDIATE RELEASE:
September 29¸ 2008

5th District Democratic nominee Roy Carter released a statement today on the failure of the government’s 700 billion dollar rescue plan in the US House of Representatives. Carter says he has misgivings about the bill, but urges House members to work non-stop to reach consensus.

Foxx’s vote today against the government’s 700 billion dollar bailout bill is like “a thief trying to cover up her fingerprints,” said Ben Salt, Communications Director for the Roy Carter for Congress campaign. “Time and time again, Virginia Foxx has failed to support proper regulation of the subprime mortgage industry. Her negligence has contributed to this catastrophe.”

Salt cited the following votes:

HR 3915 “The Mortgage Reform and Anti-Predatory Lending Act”
To establish licensing and registration requirements for residential mortgage originators, and to provide certain minimum standards for consumer mortgage loans.
Foxx voted NO on November 15, 2007
(Bipartisan support) Bill passed House 291-127

HR 1252 Federal Gas Price Gouging Prevention Act
Foxx voted NO on May 23, 2007
(Bipartisan support) Bill passed House 284-141

More recently, Foxx voted against HR 6853, a bill to establish the FBI’s nationwide mortgage fraud coordinator and to address mortgage fraud.
Foxx voted NO on September 22, 2008
(Overwhelming Bipartisan Support) Bill passed the House 350 to 23

"Foxx’s blind belief in an unregulated market that leaves no constructive role for government, combined with campaign contributions from the subprime mortgage industry, have seriously affected her judgment," said Salt.

Congressional nominee Roy Carter says members of Congress must get beyond their differences to find a workable solution to the economic crisis facing working families.

"I do realize that prompt action needs to take place," said Carter. "The jobs and homes of thousands of North Carolinians are hanging in the balance. Plus, the retirement savings of millions of Americans are losing value. Yet the bill isn’t tough enough on CEO pay. There are too many loopholes. I’m also concerned the legislation doesn’t do enough to help homeowners avoid foreclosure. There are no winners when a family is forced out of their home. The family loses, the bank loses, and overall home values in the community go down."

Carter added, "It is unfortunate that our Congress has even placed us in the situation where action is necessary. Unfortunately, every time there is a crisis that needs bipartisan action, my opponent is missing in action."

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