Washington, Oct 3 -

Statement of U.S. Congressman Pat Tiberi (R-OH) on Friday's vote on the Market Stabilization bill:

"The bill the House voted on today is a heck of a lot different than the earlier version brought up on Monday.  My main concern Monday was that the assistance in the bill would never reach local banks, small businesses, and Central Ohio families.  I was also concerned that taxpayers who did nothing wrong would end up footing the bill to stabilize our financial markets.  I believed it was important to have the right bill, not necessarily any bill.

"Today's version, while not perfect, is a vast improvement.  The FDIC insurance increase will help provide small businesses and entrepreneurs in Central Ohio with increased confidence that when they do business at local savings institutions, their money will be safe.  Mark to market clarifications alter outdated rules to allow for accurate accounting of assets.  This should help to relieve pressure on local financial institutions.  During a time of economic uncertainty raising taxes on the middle class is not good policy.  This bill includes provisions to prevent tax increases, keeping hard-earned money in the pockets of Ohio families.

"While we can't guarantee financial security, I believe today's bill gives local banks and businesses access to the credit and liquidity they need, while giving families more confidence in our financial system.  These steps provide our financial markets the tools they need to put our economy back on track."