“I reluctantly supported this version of the financial rescue package because it was a necessary action to keep our struggling economy from receding into the biggest American financial crisis since the Great Depression.

“Make no mistake about it—I was thoroughly disappointed that this bill will increase our national deficit, especially when we continue to borrow money to support both the Iraq and Afghanistan wars. I don’t think it will be the ultimate solution to our economic woes.

“I could not, however, ignore the potential collapse of thousands of retirement funds and pension plans—especially when they belong to our teachers, civil servants, and law enforcement officers.

“I could not ignore the freeze on credit or loans for our people looking to finance a home, a car, or the opportunity to go to college.

“I could not ignore the stark reality that this credit crisis has endangered our banks—including the small independent ones—and has affected small businesses’ ability to meet payroll, hire workers, purchase equipment, lease space, and even remain in business.

“The most important principle that we faced during our numerous deliberations and meetings was how this was going to protect our taxpayers and those who are at risk of losing their homes. How will those on Main Street be protected from the mistakes of the companies on Wall Street?

“There were new provisions in this version that will directly benefit those on Main Street.  It would allow for property tax relief for up to 30 million homeowners by extending a new $1,000 property tax deduction. It would save over 21 million families to the Alternative Minimum Tax on their 2008 income, which was never intended to impact so many hard working people.

“As the new owner of a stake in hundreds of thousands of mortgages, the government can now work more directly and effectively with loan servicers to make problem loans more affordable—thus potentially saving 2 million projected foreclosures next year. It strengthens the HOPE Program, which guarantees for affordable refinanced mortgages to troubled borrowers. 

“The bill protects many peoples’ accounts and savings by increasing from $100,000 to $250,000 the amount of bank deposits insured by the FDIC. It aides our small community banks by allowing them to deduct losses from investments in Fannie Mae and Freddie Mac stocks.

“No doubt the most controversial aspect of this bill was the large price tag needed to correct the mistakes of reckless investors and financial institutions.

“This is not a ‘free for all’ for any corporation to get this financial assistance.  It will apply to those troubled mortgage-based financial institutions, which will be subject to the most stringent oversight and transparency that the government has ever enacted.

“There will be a new bipartisan oversight board and an independent Inspector General to monitor all of the Treasury Department’s decisions to prevent fraud and abuse. In addition, any decisions or transactions made must be made public.

“We also protect our taxpayers by ensuring that only $250 billion of the available funds will be immediately provided. The rest will not be provided until this Administration provides Congress clear and detailed progress reports on how the plan is being implemented.  Congress can revoke the remaining funds if it deems it necessary. The American people expect that a substantial amount of this assistance be repaid within the next five years.

“These corporate executives must be held accountable for making bad business decisions that have led us to this situation.  This bill will ban the multi-million dollar golden parachutes for executives who retire from failing companies.

“This was not the most ideal situation, but we came together in a bipartisan fashion to get us on a path towards economic recovery. To not act would have placed our country and our people in an even worse position to face unknown risk.”