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Rep. Tom Allen Calls on the House to Pass the Emergency Economic Stabilization Act

Press Release

Location: Washington, DC

U.S. Representative Tom Allen today encouraged the House of Representatives to pass the Emergency Economic Stabilization Act tomorrow.

"Tomorrow the House will consider a bill to address the economic crisis facing America. The situation only becomes more serious with each passing day. Individuals and families in Maine and across America are watching their retirement savings and investments decline and their ability to obtain loans to buy a house or a car or to send their kids to college disappear or become too expensive. Small businesses can't borrow funds to stock their inventories and meet payrolls, and their customers can't get credit to purchase their products and services.

"The plan the House rejected on Monday was not perfect, but it was a vast improvement over the proposal President Bush submitted. It limited taxpayer exposure, assured that participating companies and their executives won't profit from their mistakes and risky investments, and provided homeowners at risk of foreclosure with the chance to keep their homes. I support many of the changes that the Senate made to the proposal, some of which are similar to measures I have voted for in recent weeks. These additions will help stimulate our weakened economy.

"However, I do not believe it was necessary to laden this particular bill with unrelated measures. Many of the provisions added by the Senate could have and should have been considered separately on their own merits.

"I will continue to work with members of Congress from both parties to build consensus and pass this critically important legislation."

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