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Statement of the Honorable Ralph Regula
Regarding the Emergency Economic Stabilization Act of 2008

Washington, D.C., Sep 29 -

The situation in which our nation finds itself today is not one that any of us seeks. Further, no one holding elected office was pleased to be called upon to vote on this bill.  However, this very difficult and dangerous situation does exist, and I believe that we must take constructive action to bring stability to our financial markets – markets that directly impact all of us. 

 

While many are interested in casting blame for how we have arrived at this situation, our first responsibility is to ensure that we stabilize financial markets in order to preserve our economy.  After intense negotiation among the President and Secretary Paulson, the House and Senate Democrat Majority and the House Republican Leadership, I believe that we have created a bill that will stabilize our financial markets, protect the taxpayer, protect jobs, provide significant oversight by Congress over actions of the Secretary of the Treasury and restrict the pay of top Wall Street Executives.   

I supported this revised legislation with great reluctance in order to protect American families, the taxpayer, the worker, the person with a pension plan, the person who holds savings in a 401(K) retirement account, small business people who need credit to operate their businesses and pay their employees, and homeowners – to stabilize our economy.

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