KEY VOTE ALERT
"NO" on the Housing Bill (H.R. 3221)

The Club for Growth urges members of the House to vote "NO" on the American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221). Floor consideration is scheduled for Wednesday or Thursday. This vote will be included in our annual Congressional Scorecard.

While the details of the bill are not yet finalized, it's clear that it will bail out irresponsible borrowers, lenders, and investors. It will also turn state and local governments into landlords, provide an unprecedented FHA loan guarantee, and put taxpayers on the hook for billions of dollars by rescuing Fannie Mae and Freddie Mac.

This bill creates a moral hazard that could wreak havoc on the economy in the future. It doesn't punish bad behavior, and it expands the government's role in the private sector when the very opposite should occur. The real debate should be about how to truly privatize Freddie and Fannie and make them subject to the laws and regulations that other mortgage lenders follow.

Our Congressional Scorecard for the 110th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to our members and to the public.