Statement from Keith Ellison on his support of the Emergency Economic Stabilization Act of 2008

Press Release

I voted in favor of the Emergency Economic Stabilization Act of 2008. The bill failed to pass, 205 to 228.

Put plainly, I don't like this bill: it lacks critical provisions to help homeowners. But, I supported the bill because I am convinced ordinary Americans will suffer unless we act quickly. If we do nothing, banks will restrict lending, unemployment will soar, and millions of Americans would loss access to credit, credit they depend on for home, car, and college loans. Passing the bill would have allowed the federal government to take control of a number of mortgages and to have a controlling stake in many mortgage-backed securities. Being in that position makes it easier for the government to renegotiate mortgages directly or influence the market to renegotiate, helping to keep families in their homes.

We are on the verge of an economic disaster rivaling the Great Depression. We may not like it, but if our capital markets fail, Main Street fails, too. I don't believe the plan I voted for was perfect, but I am certain that doing nothing is not an option.

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