Congressman Mel Watt (12th District of North Carolina) made the following statement about today's House vote on the Emergency Economic Stabilization Act:
"The rescue portion of this bill is the same as the bill that I voted for when it failed in the House, except that FDIC insurance coverage has been increased from $100,000 to $250,000. I support this change because it will help stabilize the economy and banks by addressing customer fears that have resulted in "runs" on a number of banks. The bill addresses all the major concerns about the Administration's original proposal in that it provides for phased release of the funds, substantial oversight and accountability, relief for homeowners under threat of being foreclosed and a process for full recovery of all taxpayer money.
The other parts of the bill which have been added by the Senate are all things I have previously supported and voted for in bills that the House already passed. When the House passed these bills, we fully paid for them. The Senate's failure to pay for the cost of these measures concerns me. But we have no choice but to try to address the credit and economic crisis that we are in the middle of. While I would prefer to pay for these measures, I was not provided that option in this bill.
These were the major considerations in my decision to support the legislation."