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Clyburn on Passage of Economic Rescue Package

Press Release

Date: Oct. 3, 2008
Location: Washington, DC
Issues: Senior Citizens Business and Consumers Taxes Finance and Banking Government Budget and Spending Housing and Property


House Majority Whip James E. Clyburn today commented on passage of an economic rescue package. Following are his remarks.

"Today with a very strong bipartisan vote, I am hopeful that we have done two things: First, I am hopeful that we have come a long way in restoring confidence in our markets, and, second, I am hopeful that we have restored credibility and confidence in Congress and in our economic system.

"We came together, in a powerfully bipartisan way, to deliver a decisive victory for the American people and for the economy. As I've said before, this bill was presented to us under a misnomer--'bailout' is not an accurate way to describe this package. With the improvements made by the Speaker, Chairman Frank, Leader Hoyer, Chairman Emanuel, Vice Chair Larson, Chairman Van Hollen, and in consultation with our national leader, Senator Barack Obama, I think that we have come up with a piece of legislation that addresses concerns not just on Wall Street, but on Broad Street, where all the automobile dealers are located in my home town, on Walker Street, where I grew up, and on Liberty Street where the beauty and barber shops are.

"We included very strong oversight that helps our economy, our small businesses and our people. We imposed significant limits on CEO pay and golden parachutes; we made foreclosure mitigation, property tax relief, and taxpayer protection centerpieces of this legislation; and we added a guarantee that taxpayers would not be left on the hook.

"We are hopeful that this legislation will help businesses that are beginning to have trouble getting a line of credit to make payroll or to stock their shelves. I have received phone calls from state employees, city employees, and county employees, who are now telling me that they have seen their 401k's lose 40 percent of their value. With swift action I am hopeful that this act will bring relief to our neighborhoods and communities struggling with a tenuous credit market and a staggering economy."


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