OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Emergency Economic Stabilization Act of 2008

Date: Oct. 3, 2008
Location: Washington, DC
Issues: Taxes Finance and Banking Government Budget and Spending


EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)

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Mr. COBLE. I thank my friend from Louisiana for yielding.

Last week, I voted ``no'' on this bill for two reasons. Number one, I don't like to hurriedly vote on significant legislation. I'd rather do it thoroughly and deliberately.

The second reason, my telephone calls and e-mails were overwhelming in opposition against the bill. On Monday I voted ``no.''

The telephone calls and e-mails continued to be overwhelming, but guess what: Then in favor of the bill. Now I'm not exclusively dictated by telephone calls and e-mails, but neither do I dismiss them, Madam Speaker.

And I weighed this very carefully. And by having waited, I think we did improve the bill.

The increase of the FDIC threshold to $250,000, a good move; the AMT patch that will affect favorably 21 million middle class families, a good move; SEC, I am told, Madam Speaker, is addressing or has addressed the mark-to-market issue, a good approach. Compelling arguments can be proffered on both sides of this issue, but I believe, Madam Speaker, that inaction is not an option.

I don't believe the sky is falling. I was told that earlier and I refuted it. And I think when I disagree with the sky falling charge, that's not irregular for me to refute it.

Now, this vote for me, I am voting ``aye'' today, and it may be politically damaging. And the sky may fall tomorrow, but it will fall upon my head; it won't fall upon anyone else's, and no one else will be adversely affected.

I believe that the limited access to credit--and in many instances no access to credit--can certainly contribute to a crisis. And we can put on blinders and go one way or the other, but I think this is a bill that must be addressed today, it must be addressed in a positive way, both sides of the aisle. My friends to the left, my friends on this side have done a good job, I think, in crafting it, and I am pleased to announce that I am voting ``aye'' when the vote is called later.

I thank the gentleman for having yielded to me.

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