U.S. Rep. Bill Shuster was the only area congressman to change his vote on the $700 billion plan to bail out the nation's financial system, voting yes on the bill Friday.
The House passage came after Senate approval Wednesday night on a new version of the bill. The House originally defeated the plan Monday.
Shuster, R-9th District, and two other Pennsylvania Republicans, Charles Dent and Jim Gerlach, changed their votes to approve Friday's version. Other area congressmen - John Murtha, D-12th District, and John Peterson, R-5th District - favored both versions of the bill.
Shuster cited provisions added to the bill for his affirmative vote, including a higher insurance cap for bank deposits and increased protections for homeowners. Congressional negotiators broke the $700 billion into installments of $250 billion, then another $100 billion and the final $350 billion upon congressional approval.
"This is not a blank check," Shuster said. "The next president, the next Treasury, is going to have to come back to Congress to get approval for this."
Shuster said he spoke to people about their 401(k) concerns, businesses worried about getting credit, car dealers and others.
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"This is not popular," he said, adding that many constituent calls oppose the plan. "People are gonna be angry. I think I've made the decision that's going to be beneficial for the 9th District and our nation."
Friday's bill also includes tax exemptions and suspensions, including extending a duty suspension on wool products and exempting from the excise tax "wooden arrows designed for use by children."
Shuster called the additions "garbage" but said that part of the bill is small.
"I don't know where a wooden arrow plant is, but there's a community in America that's thankful they'll get to keep more of their money," he said. "The garbage part of this is small compared to the overall tax package."
Peterson agreed the bill is not perfect and will not solve the financial situation overnight.
"However, the rescue package will inject much needed capital into the economy, allowing consumers to regain confidence in the market and eventually rebound from the disastrous effects of the subprime mortgage meltdown," he said in a statement Friday.
