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10/3/2008 Congresman Boswell's Statement on Financial Rescue Plan For Immediate Release Boswell Supports Package, Bill Passes House 263-171 “Today, the House of Representatives did the right thing and voted for the good of the country. After the vote on Monday, we witnessed that what happens on Wall Street affects Main Street. People saw tremendous loss in their 401k plans, and businesses are finding it tougher to borrow money. While no bill is ever perfect, it was extremely important that Congress took quick action to avoid further losses.” “As I said on Monday, the original Bush-Paulson bailout was totally unacceptable. The plan we voted on today protects taxpayers, stops golden parachutes, limits CEO compensation, ensures greater transparency, and increases the maximum amount of FDIC deposit insurance coverage from $100,000 to $250,000 per account. The bill also includes important renewable energy incentives and tax extenders which will save thousands of jobs.” “The final bill includes a recoupment provision which insures taxpayers against potential losses. It is imperative that the cost of this package be recovered without adding billions of dollars to our debt.” |
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