Some House Members Remain Unmoved
Two House members who voted against the $700 billion Wall Street rescue bill on Monday plan to vote against it again on Friday, unconvinced this offering is any better.
Rep. Darrell Issa (R-Calif.) resents administration pressure to pass the bill and says there are other ways to unfreeze the credit markets.
"When the administration comes to us and says, 'It's our way or the highway,' no, it's the people's way," Issa said moments ago on CNBC.
Like many fiscal conservatives, Issa wants the SEC to fully eliminate mark-to-market accounting rules, which he says unfairly require the banks holding the so-called "toxic assets" to value them too low. The SEC eased the mark-to-market rules slightly on Tuesday.
Also on CNBC, Rep. Bobby Scott (D-Va.), said he would vote against the bill again, even though he predicted it will pass.
Told by CNBC anchors that some traders believe the market will crash if the House does not pass the bill, Scott replied: "The market might crash anyway."
Scott said nobody knows how many of the toxic assets are out there and what their value should be.
-- Frank Ahrens
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