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Emergency Economic Stabilization Act of 2008

Floor Speech

Date: Oct. 3, 2008
Location: Washington, DC
Issues: Finance and Banking Government Budget and Spending


EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)

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Mr. VAN HOLLEN. Madam Speaker, many of my constituents are current or former employees of Government Sponsored Enterprises, GSEs, that provide residential mortgage services on behalf of the Federal Government. These employees are concerned that the Treasury Secretary's newly authorized control over their organizations may compromise their retirement benefits. I have consulted with Congressman Barney Frank, the Chairman of the Financial Services Committee, regarding this issue. Chairman Frank has assured me that in drafting this legislation he was careful to ensure that the Secretary's control over these GSEs will have no impact upon the retirement benefits of the rank-and-file employees who are not regarded as ``executives'' under the regulations of the Securities and Exchange Commission. I greatly appreciate the Chairman's work to protect the benefits of these hard working employees.

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