Radanovich Votes to Protect Main Street’s Financial Stability
Washington,
Oct 3 -
Washington DC – Congressman George Radanovich (R-Mariposa) today released the following statement after voting to support the Emergency Economic Stabilization Act to secure the future of America’s economy:
“The stability of America’s financial institutions is essential to the lasting economic security of every American. Our ability to buy a home, send our children to college, or start a small business is dependent on our access credit. Without the ability to access credit, our entire economy is jeopardy.
“The bill that passed today was not my first choice, but considering the makeup of this Congress it was the best available option considering the makeup of this Congress, to shore up our toxic credit markets and bringing confidence back into the market. House Republicans worked diligently to clean up the liberal giveaways that started in this bill. The end result was a piece of legislation with true taxpayer protection, the ability to sell government purchased assets to pay off debt, an increase in FDIC coverage from $100,000 to $250,000, and protection for community banks. Ultimately, I could not in good conscience oppose this legislation.
“Also included in the bill was a one year Alternative Minimum Tax patch; saving 21 million middle income Americans from paying an unfair tax that they never should have to pay. Important tax credits were added that spur the development of renewable and alternative energies, and help purchase hybrid cars, lessening our dependence on foreign oil. Finally, the bill included a one year extension of the Secure Rural Schools and Community Self Determination Act, which fulfils the federal governments’ obligation to schools surrounded by federally owned lands and helps retain jobs in those communities.
“The ultimate goal of this legislation was to protect the average American who did nothing to contribute to this crisis, but would pay heavily if Congress did not take action. I will work diligently to make sure that goal is realized.”
Facts: A Main Street Rescue: Senate-Passed Bipartisan Economic Rescue Plan Adds New Relief for Main Street, Ensures Maximum Protections for Taxpayers
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