Washington, DC – Today, Congressman Al Green (TX-09), a member of the House Financial Services Committee, released the following statement on the passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008:

The Emergency Economic Stabilization Act of 2008 passed the House today with a vote of 263-171.  The bill came to the House after it was passed in the Senate on Wednesday, October 1, by a vote of 74-25.

“This was a difficult vote.  However, the Senate bill not only addresses Wall Street and Main Street issues, it also addresses Home Street issues.  For this reason, I voted in support of the Senate bill.  Chairman Barney Frank of Financial Services, my committee, assured me we would do all that we can to make sure Fannie Mae and Freddie Mac purchase as many of the distressed properties as possible.  We will restructure the loans so that people will have payments they can afford.” 

“In addition to providing for tax assistance for middle class families, tax incentives to spur energy independence and green jobs, and $9 billion in assistance for areas impacted by recent disasters such as Hurricane Ike, the bill provides mental health parity.  This is an issue that we have been working to resolve for decades.  Insurance companies will now have to treat mental health issues the same as other health issues.  This is a giant leap forward in health care.”

“The bill also provides $250,000 worth of FDIC insurance, up from $100,000.  This will help small banks, such as Unity Bank in my district, keep customers and acquire new customers. These banks help small businesses maintain their lines of credit and make payrolls, thereby helping to keep people employed.”

“Small banks make car loans, school loans, and home loans.  Small businesses are the engines that drive the American economy and create millions of jobs.  Small banks and small businesses help people who visit Wall Street and Main Street, but live on what I call Home Street.  This bill helps Home Street.”