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.
Steny H. Hoyer
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