Financial Rescue Package Fails

Press Release

After listening to constituents, economists and other financial experts, I made the difficult decision to support the Emergency Economic Stabilization Act (H R 3887) this afternoon. While I was not happy with all the measures included in the bill, we were able to negotiate important provisions including limits on executive compensation and foreclosure assistance for struggling homeowners. Today, we witnessed the consequences of inaction on the part of Congress, and I am very concerned about the effects of the worsening financial crisis on middle and lower income Americans.

Certainly, a lack of confidence in the stock markets can wreak havoc on the daily lives of Americans, even those who don't expect to be directly impacted if they do not have stocks, a 401K or an IRA. Credit will become less available which will affect everyone's ability to buy homes and cars and may impact many small business owners in paying their employees. Some financial experts predict double digit unemployment.

I have been in touch with Congressional leaders, and I am told that Congress will reconvene in a few days to take this issue up again. I hope that during this time, we can include additional provisions in the rescue package that help Americans on Main Street as well as Wall Street. I will fight to include some form of a second economic stimulus package within the bill and continue to argue for raising the maximum level of protection held by the Federal Depositors Insurance Corporation, which will help small, local banks during this economic downturn.

After the bill failed, I spoke about it on the Floor of the House, and you can view my speech here: http://www.youtube.com/watch?v=fDH0cc94f8Q.

Source