Domenici Votes for U.S. Economic Rescue Plan, Saying Now is Time to Act
U.S. Senator Pete Domenici, former Senate Budget Committee chairman, Wednesday evening voted for Senate passage of a modified Emergency Economic Stabilization Act.
Before the vote (74-25), Domenici stressed the importance of the measure for limiting further damage to the U.S. economy.
"I will vote for this plan because it is what our nation needs now. We must take action to restore confidence not just in the U.S. financial markets, but on every Main Street and in every home.
"I am certain the Senate will pass this financial rescue plan, which includes strong taxpayer protections, stronger regulatory oversight and reduction in executive compensation.
"This is not a bailout.' It is a buyout' plan to allow the government over the next two years to buy the toxic assets that today are drying up credit to virtually all aspects of American life. Without a freer flow of credit, banks and lending institutions won't have the money to lend to small businesses, homebuyers, college students or car buyers. Job creation will stop all over the country.
"This bill can't cure all America's economic problems, but if we don't act things will get much worse. We cannot risk the consequences of doing nothing. It's just that simple."
The Senate bill builds in new regulatory oversight and expands the FDIC ability to cover accounts up to $250,000.
The Senate economic recovery plan has been paired with the tax extenders bill that includes Alternative Minimum Tax relief, renewable energy tax credit extensions, small business and individual tax breaks.
It also contains the bipartisan Mental Health Parity legislation that Domenici authored with Senator Edward M. Kennedy and others.