Mahoney Supports Bipartisan Emergency Economic Stabilization Act |
Legislation would stabilize financial markets, ensures taxpayers are repaid (September 29, 2008)
( Despite bipartisan support, the Emergency Economic Stabilization Act (HR 3997) failed to pass in the House of Representatives by a vote of 205-228.
“Today,
Congress failed to pass an important piece of legislation to protect
Financial experts across the board agree that if
our financial institutions fail there would be a nationwide freeze on credit
and lending and potentially catastrophic consequences for personal retirement
and education savings. Local banks would no longer be able to provide
home, car, or student loans to people with good credit or to small businesses.
Personal retirement accounts, such as pensions, 401(k)s, mutual funds, and
education savings accounts, would also be vulnerable. |
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