A conversation with Congressman Cantor about the nation's financial crisis

Republican U.S. Congressman Eric Cantor, who represents Virginia’s 7th district, discusses the recent $700 billion bailout bill that Congress passed and President George W. Bush signed at the beginning of October.

Q: With Americans very concerned about the economy and our current financial crisis, can you please explain your version of exactly what brought us to this crisis and the steps Congress is now taking to alleviate it.

Congressman Cantor: “What brought us to this crisis is a breakdown in the government – it’s oversight, and frankly a lack of accountability on behalf of Congress, as well as a lack of accountability on Wall Street. All of that has contributed to this problem. What we’re trying to do about it is make sure that Wall Street is not rewarded for bad risks but also that we keep local banks open so that the people’s money will be protected. We’re also trying to make sure that people’s retirement accounts will be protected so that people won’t lose their savings that they worked so hard to build. We’re also trying to make sure that families get the credit they need so that their children will still have access to college loans and they’ll be able to buy (things like) a car. We’re also trying to help small businesses stay alive and thrive. These are the goals we’re trying to accomplish in some very turbulent economic times.

The rapidity of the market reaction has stunned everyone. We need to be very resolute in the direction in which we head. I think its up to Congress to make sure that we modernize the financial regulatory system as quickly as possible so that confidence can return.”

Q: We hear a lot of warning rhetoric about the impact of this financial crisis on the financial world we will leave our children. As a father of three, can you please comment on your related concerns?

Congressman Cantor: “I want to ensure that we are not burdening our children or their children with our debts. And we’ve got to make sure that we clean up this mess. We have the spirit and the ability in this country to do anything. This representative democracy that we have has been the greatest social experiment in the world. I take my obligation very seriously and I am reminded every day that we don’t want to burden our children or their children with the mishaps and mistakes made now and that’s why it’s so important that we address this crisis and go forward.”

Q: What is your advice/forecast of how we will recover from this financial crisis?

Congressman Cantor: “ I know that everyone is watching their portfolios and is concerned about where their retirement accounts are going and how it will all shake out. At the end of the day, it’s not about “who got what wrong?” It’s really about fixing the problem so that we get it right now and in the future. We have to stop playing the blame game and start to get it done. We’ve got to restore confidence in our economic system which is the greatest engine of jobs ever created, which is our American economy. That’s why I’ve been very involved in making sure the taxpayer is protected and that the changes necessary are made. I’m very focused on making sure that we protect the taxpayers and ensure that those on Wall Street are made to pay to help clean up this mess. It’s very, very important that there be accountability – not only in Washington, but accountability on Wall Street.”

Q: Are you comfortable with the bailout legislation that recently passed?

Congressman Cantor: “I don’t think it’s a perfect bill by any means but again I felt it was very important that we protect the hard-working middle class taxpayer and that’s why I supported it. I also felt that it was very important for us - in order to protect families, their savings, their ability to access credit, the ability for small businesses to stay alive and thrive – it was very important that we get this bill done. At the end of the day, we’re going to have to strengthen our accountability and oversight measures in congress and insist that Wall Street does the same.”