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Emergency Economic Stabilization Act of 2008

Floor Speech

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Date:
Location: Washington, DC


EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - September 29, 2008)

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Mr. MARSHALL. Thank you, Mr. Chairman.

I want to begin by complimenting the negotiators on addressing an issue that's very important to small community banks generally, and that is authorizing the deduction of the Fannie Mae losses against ordinary income as soon as possible. That will help all community banks.

Many of my banks, Mr. Chairman, are suffering from loans on their books from typically builders and developers who are now unable to complete their projects. And these banks feel strongly that they would be assisted greatly if there were an opportunity for them to borrow from the Fed window at 1, maybe 2 percent--but a very low interest rate--the funds to cover these loans on their books that currently they're illiquid.

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