Braley & Harkin share thoughts on financial bailout - KWWL - Eastern Iowa Breaking News, Weather, Closings

Braley & Harkin share thoughts on financial bailout

CEDAR FALLS (KWWL) - The economic bailout package passed into law Friday. Its aimed at buying up bad debt from mortgage companies so they can get back to lending.

Congressman Bruce Braley was the only Iowa representative who changed his vote from a no to a yes, following the vote on Monday, where it failed to pass in the House of Representatives.

Braley, who's up for re-election next month, held a campaign fundraiser Sunday in Cedar Falls. He, along with Senator Tom Harkin both voted in favor of the measure.

"One of the things that made a big difference in my vote on Friday was that when I went through and looked at the individual elements of the bill coming back from the Senate, we calculated around $6 billion in benefits that are going to come here into the state of Iowa," said Braley.

"I voted for it with great reluctance as did Senator Grassley, because we talked about it. It's one of those things where you know your choices are limited," said Harkin.

Looking to the future, both Braley and Harkin want better control measures, which, they say, would put a cap on executive compensations, and make it so this would never happen again.

"The challenge for us now is to come back early in January of February, hopefully, with President Obama and a new Congress, and fix it," said Harkin.

"I voted to authorize the Treasury secretary to use up to $250 billion to try to stabilize the credit markets. The president has to come back and certify the need for more than that, and if we get to that $350 billion mark, I will not vote to re-authorize that additional funding unless we have controls in place," said Braley.

Online Producer: Mike Verlo

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