Today, Congressman Larry Kissell (NC-08) voted again to extend unemployment benefits to millions of out of work Americans. The extension will restore benefits to over 2.5 million jobless Americans, and will retroactively cover those whose benefits had expired.
The passage of these benefits Thursday came one day after the President's signing of the Wall Street Reform bill. The bill was supported by Kissell and included a provision he authored about representation on boards of trade. The new law will help reign in big banks, put an end to bailouts and eliminate the idea of "too big to fail."
"Enough is enough," said Kissell. "It's about time that honest relief for hardworking Americans makes its way out of Washington's bureaucratic mess. This much needed assistance will make sure that families devastated by unemployment are able to keep food on the table and keep a roof over their heads."
The Congressional Budget Office estimates that every dollar spent on unemployment benefits generates up to $1.90 in economic growth, making it one of the most efficient ways to help a weak economy.
"For entirely too long, Wall Street has circumvented laws and oversight, putting the security and future of hard working families at risk," said Kissell.
"This law will put a stop to taxpayer funded bailouts like TARP, and will make the financial services sector accountable for it's conduct. It's time Wall Street embraces some of the values of Main Street, and stops gambling with the safety and well being of hardworking Americans."
During the financial sector meltdown of 2008, the American economy lost over eight million jobs and $17 trillion in retirement savings and American's net worth.