Emergency Economic Stabilization Act of 2008

Floor Speech

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - September 29, 2008)

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Ms. DeGETTE. Madam Speaker, after careful review of this package, I rise today to support the ``Emergency Economic Stabilization Act of 2008.''

While I am hesitant about putting taxpayers on the hook for the mistakes of Wall Street, doing nothing is simply not an option. No one likes this bill, but without it, credit markets would seize up, more companies would have trouble making payroll, consumers would be unable to get loans for cars and homes and credit cards, their pensions would deteriorate, and the crisis in our financial markets would spread to the entire economy and across the globe.

This bill will not fix our troubled economy on its own, and we have much work ahead of us to reform our financial regulatory system. But our Nation's top economic experts have concluded that without this legislation our economic problems would have gotten much worse.

This bill is a vast improvement from President Bush's initial proposal, which contained no oversight, no protections for taxpayers, and amounted to a blank check to the Treasury Department.

But working in a bipartisan fashion, Congress was able to agree on a compromise that includes rigorous oversight and transparency, provides funding in installments subject to congressional review, and prevents golden parachutes for CEOs that drive their companies into the ground. This legislation will inject liquidity into the credit markets so businesses and consumers can continue to utilize their credit and keep our economy moving.

Madam Speaker, I hope that following passage of this bill, with a new president in office, Congress can begin work on a comprehensive, top-to-bottom review of our Nation's financial laws, and enact meaningful reform that prevents the abuses we have seen in recent years.

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