Providing for Consideration of Senate Amendments to H.R. 1424, Emergency Economic Stabilization Act of 2008

Floor Speech

PROVIDING FOR CONSIDERATION OF SENATE AMENDMENTS TO H.R. 1424, EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)

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Ms. MATSUI. I thank the gentlewoman from New York for yielding me time and I rise today in support of the rule and the underlying legislation.

I listened to my constituents' concerns about this rescue plan and throughout this debate it has become clear that Congress must act to restore our credit markets. If we don't, we risk further putting jobs and the financial security of hardworking Americans at risk. Small businesses will have a difficult time making payroll to pay their employees. Hardworking Americans will see their savings and retirement funds diminish. Americans will have a difficult time buying a home, sending their children to college or just making ends meet. This plan is a revised plan. It's not the same three-page plan the Secretary of the Treasury brought to us. It is not simply a blank check to Wall Street.

I am glad that this plan includes many safeguards that are important to my constituents:

Independent oversight board to ensure transparency and accountability of taxpayer money.

A plan to help foreclosures that are devastating our families, neighbors and communities. And we will also do more beyond this, too. Limits on excessive compensation for CEOs and executives. And allowing taxpayers to share in any profits resulting from the government's help.

Madam Speaker, this is not a perfect plan and I know it's going to be a hard vote, but the risk of inaction is too great.

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