Crowley Supports Effort to Stabilize Economy
10/3/2008 Contact: (202) 225-3965
Financial Services press release

CROWLEY SUPPORTS EFFORT TO STABILIZE ECONOMY
Republicans and Democrats Unite to Get U.S. Economy Back on Track

(Washington, DC) – Today, U.S. Congressman Joseph Crowley (D-Queens & the Bronx) voted to enact The Emergency Economic Stabilization Act (H.R. 1424). This economic recovery plan will reinvest in the troubled markets and help stabilize the American economy. The legislation passed the House by a bipartisan vote of 263-171 after passing the Senate yesterday, and it was immediately signed into law by the President.

“I commend my colleagues for recognizing the importance of taking action and passing this rescue plan today. We saw earlier this week how much the markets are hurting and how that affects everyday Americans,” said Congressman Crowley. “If our financial markets continue to suffer, Americans’ retirement savings, ability to obtain loans, and home values will be severely diminished.”

The Emergency Economic Stabilization Act contains important provisions that were added to the President’s original proposal in order to protect taxpayers. It requires Congressional review after disbursement of the first $350 billion, and gives Congress the authority to stop further payments. It gives taxpayers a share of the profits of participating companies and requires the President to submit a plan five years from now to ensure that taxpayers are repaid in full. It also allows the purchase of troubled assets from pension plans, local governments, and small banks, and raises the amount of bank deposits insured by the Federal Deposit Insurance Corporation (FDIC) from $100,000 to $250,000. Additionally, the bill will provide help for homeowners so they can avoid foreclosure and put strict limits on compensation for CEOs and executives whose companies participate in the government recovery plan.

“Congress needed to take quick action to put our economy back on track, but we have not forgotten that those who got us into this situation should be punished. We are investigating the regulatory mistakes and financial excesses that led to the breakdowns in our economic sector, and metal bracelets – not golden parachutes – will be awarded to those who abused the law to enrich themselves.”

The recovery package also includes relief for 25 million middle-class families from the Alternative Minimum Tax (AMT), as well as property tax relief for up to 30 million homeowners, tax cuts for American businesses and families, and tax incentives for the production of alternative energy.
 
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