MESSAGE FROM CONGRESSMAN STENY H. HOYER

Congressman Steny Hoyer speaks on the House Floor.

Nearly two weeks after the Bush Administration asked Congress to act on its plan to stabilize the markets and restore the flow of credit, Congress today passed the Emergency Economic Stabilization Act (EESA).

This final bill is much-improved over the original proposal, incorporating many of the ideas that Democrats put forward to protect taxpayers, limit CEO compensation, ensure greater oversight, and minimize foreclosures.

We also fought to ensure that taxpayers will be the first to take advantage of any profit-making opportunities and made sure that the financial community will be obligated to pay the taxpayers back for their loan.

While passing this bill was a difficult action to take, it is clear that what is happening on Wall Street is bound up with the jobs, the retirements, the homes and the dreams of millions. And if disaster strikes those few square miles in Manhattan, it is in Maine, Maryland, and Montana, and all across the country that the impact will be felt.

That is why Congress had to act. We simply can't afford to allow the collapse of Wall Street to ripple into every corner of our economy. This action will help relieve the financial crisis and get the economy back on track, but it is only a first step.  Congress will hold hearings in the coming months and will work to enact long-term reforms. More information about the bill is available at www.hoyer.house.gov.

As always, thank you for allowing me to share this update with you. If there is anything you wish to bring to my attention, please do not hesitate to contact my office.

Sincerely yours,

Steny H. Hoyer

NEWS UPDATE

Hoyer: An Emergency Like This Calls for the Courage to Compromise
Congressman Steny H. Hoyer (D-MD) today spoke on the House Floor in support of the Emergency Economic Stabilization Act, which passed with a large bipartisan majority, 263-171.
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Critical Metro Funding Legislation Wins Final Approval in Senate
Rep. Steny Hoyer, D-Md., Majority Leader of the House, Rep. Tom Davis, R-Va., ranking member and former chairman of the House Oversight and Government Reform Committee, and Senator Benjamin Cardin, D-Md., said they were pleased the U.S. Senate approved legislation that will, for the first time, bring dedicated funding to the Washington area's Metro transit system.

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Hoyer Statement on September Unemployment Report, Dismal State of Economy
Congressman Steny H. Hoyer (MD) released the following statement today after the Department of Labor reported that the American economy lost 159,000 jobs in September, bringing the total number of jobs lost in 2008 to 760,000.
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