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Emergency Economic Stabilization Act of 2008

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


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

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Mr. CLYBURN. Madam Speaker, I thank the chairman for yielding me the time and thank him so much for his hard work on this legislation.

Madam Speaker, I rise today in strong support of the Emergency Economic Stabilization Act of 2008 and believe this bill must be enacted as soon as possible to stop our country from falling deeper into recession.

Today, Madam Speaker, we received information that our economy has lost 159,000 additional jobs. This brings the total job loss for this year to 760,000. But Madam Speaker, jobs are not the only thing Americans across this country are losing. They are losing their hold on the American Dream. That dream, Madam Speaker, is economic mobility and homeownership. Nowhere is this problem more acute than in minority communities.

Madam Speaker, this is not only about Wall Street. It's about Broad Street and Walker Street; it's about grocery stores, beauty shops, and barber shops. It's about community banks and auto dealerships.

Madam Speaker, the minority communities are hemorrhaging: jobs, homes, income, and most importantly credit. Consider this fact: African Americans received 35 percent of the subprime purchase loans issued from 2004 to 2007. Of these loans, 62 percent of them were reset to a higher rate by the end of 2008. Many of these homes' values have dropped by 25 percent. Access to refinancing credit is no longer available, and their pension plans have lost substantial value.

These dynamics are devastating to minority communities, and I believe that we must pass this legislation in order to stop the hemorrhaging.

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Mr. CLYBURN. Madam Speaker, I rise today in strong support of the Emergency Economic Stabilization Act of 2008 and believe this bill must be enacted as soon as possible to stop our country from falling deeper into recession. Today, Madam Speaker, we were informed that our economy lost jobs for the ninth month in a row. This brings the total jobs lost this year to 760,000. But, Madam Speaker, jobs are not the only thing Americans across this Nation are losing; they are losing their hold on the American Dream. That dream, Madam Speaker, is upward economic mobility and home ownership. Nowhere is this problem more acute than in minority communities.

Madam Speaker, this bill is about more than Wall Street; it is about Broad Street and Walker Street. It is about grocery stores, beauty salons, barber shops, community banks, and automobile dealerships.

Madam Speaker, minority communities are hemorrhaging jobs, homes, income, and most importantly, credit. Consider this fact, African Americans received 35 percent of the subprime purchase loans issued from 2004-2007; of these loans 62 percent of them will reset to a higher rate by the end of 2008. Many of these homes' values have dropped by 25 percent, access to refinancing credit is no longer available, and their pension plans have lost substantial value. These dynamics are debilitating to minority businesses and communities.

These powerful and destructive economic forces coupled with a lost of liquidity on Wall Street have led to the greatest reduction of wealth in the minority community since the Great Depression.

That is why I am here today. I believe this bill must pass. We must ensure that the minority communities do not just survive but thrive.

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