Passage of Recovery Package

Press Release

Passage of Recovery Package

U.S. Rep. Diana DeGette, Vice Chair of the Committee on Energy and Commerce, today offered the following statement on the bipartisan Emergency Economic Stabilization Act of 2008, which passed the House of Representatives on a vote of 263 to 171:

"I am not happy that the Senate loaded this bill up with pork, but I supported it because it is necessary to put our financial markets back on track and restore consumer confidence in the American economy. It is imperative that we stabilize the market so consumers can get credit to buy homes and cars, small businesses can make payroll, students can get their student loans, and senior citizens will not see their retirement accounts evaporate.

"We were able to ensure that the plan will work for taxpayers by creating four layers of oversight over the spending of the money, eliminating golden parachutes and excessive compensation for executives who caused this problem, giving the government the ability to buy and hold the troubled loans and later sell them for a profit to the taxpayer, and help to homeowners in negotiating troubled mortgages.

"During my entire career in Congress, I have always been on the side of consumers and taxpayers. Whether it is ensuring the protection of our consumer products and food supply, protecting consumers from predatory credit card companies, helping patients with mounting medical bills, or standing up for workers by voting to increase the minimum wage. My top priority has always been to put the consumer first. This recovery bill is aimed at protecting the American public during this economic crisis."

"Oversight hearings into the crisis will start next week, and I will continue to work with my colleagues in Congress to stabilize the American economy, restore confidence in the global financial system, and create new, tough standards for the financial industry so we will never see another repeat of this economic debacle."

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