Our financial markets face serious challenges that could result in dire consequences, but this is exactly the time when cooler heads need to prevail and real debate needs to occur. Instead, a rushed piece of legislation was brought before the House for a vote. Though House Republicans were able to improve Secretary Paulson's initial proposal, the final bill was nothing more than an expensive, taxpayer-funded band aid that will not solve our long-term economic problems.

After a couple days of deliberations, the Senate then passed a revised version of the bill. The Senate version contained some positive changes, including a provision to provide greater FDIC protection to Americans and to America's hometown banks, but it also contained several unrelated spending items.

As too often is the case in Washington, a 100 page bill at the beginning of the week turned into a 400 page bill by the week's end.  Special interest provisions were tacked on to the final bill, including millions of dollars for makers of wooden arrows, the Puerto Rican and Virgin Islands rum industry, wool fabric producers and Hollywood movie makers. These spending items have no place in an economic rescue bill, do nothing to address America's financial crisis and fail to provide the fundamental reform our economy desperately needs.

In spite of this wasteful spending, the House passed the revised bill and the President signed it into law. Taxpayers are now on the hook for $700 billion. Our Treasury Secretary now has extraordinary power over this massive amount of money with few guidelines and, at best, limited oversight.

The vast majority of my constituents are working hard, paying their bills and making ends meet for their families, and they believe real alternatives exist to running up the bill the government sends to taxpayers. One move I previously suggested was addressed this week by the SEC, which announced plans to reform mark-to-market accounting to reflect true value. I also suggested approving net worth certificates and reducing tax and regulatory barriers that currently prevent new capital from entering our markets. Congress needs to lower the capital gains and corporate tax rates to enable American companies to compete, innovate, grow and expand.

Additionally, Congress must demand increase transparency and accountability on Wall Street. Since our government will now be buying up all of these toxic assets, I would like to see audit reports of failed companies to ensure that the financial standing of these troubled companies was accurately portrayed.

Finally, Congress must realize that it is in many ways the most responsible for our current situation. Bad policies and poor oversight from Congress led to an artificial housing bubble that eventually had to burst. Congress should not make these mistakes again.