Reynolds' Statement on Economic Rescue Package

Press Release

"While this remains a difficult vote for me to cast, the consequences of our inaction are simply too great."
Washington, D.C. - Representative Thomas M. Reynolds (R-NY-26) today, issued the following statement on the economic rescue plan passed by the House of Representatives:

"While this remains a difficult vote for me to cast, the consequences of our inaction are simply too great. As financial experts remind Congress and America each day, this crisis could wipe out all that Western New Yorkers have fought so hard to achieve. Without action today, my constituents face the reality of losing their jobs, their homes, their 401(k)s, and their pensions. Community banks and small businesses all across our region will be at risk and our children's college educations will be put in jeopardy.

"The greatest responsibility I have in Congress is to ensure that government works for the people I am so proud to serve. Throughout this process, I have never been prepared to spend my constituents' hard earned tax dollars without proper oversight, accountability, and strong safeguards.

"While I continue to believe that there is no silver bullet and that this bill is by no means cure-all, I believe Congress has ensured maximum taxpayer protections and I am pleased that we have included new economic relief aimed directly at Main Street.

"The proposal today also now includes provisions that I have long championed. Without protection from the stealth Alternative Minimum Tax (AMT), more than 25 million middle-class families would be hit with a $2,500 tax hike next year.

"And by extending tax credits for Research and Development, we encourage cutting edge research - and the good high-paying jobs it supports - to be conducted right here in the United States. In addition, tax incentives for alternative energy development, such as wind and solar, will help move the country toward homegrown, affordable energy - something all Americans need.

"The bill also increases the amount of bank deposits insured by the Federal Deposit Insurance Corporation (FDIC) from $100,000 to $250,000. This increase has long been needed, and now is the time to take this appropriate action. This important protection component deserved passage, whether as part of this package or as a stand-alone proposal.

"Like the earlier version of the rescue package, an insurance guarantee program has been retained that will force Wall Street to share the burden of this crisis and ensure that there will be no golden parachutes for irresponsible corporate executives. It also makes sure that taxpayers are first in line to collect any profits generated as a result of this plan.

"This is one of the last votes I will cast on behalf of the people of Western New York, and it may be the most important one. If I were given the opportunity to support a more cost-effective alternative, I would have done so wholeheartedly. But if there's one thing I've learned in my over three decades in public service, it's that you cannot let the perfect be the enemy of the good. Too many jobs, too many homes, too many 401(k)s, too many college educations, too many community banks are on the line to risk further inaction.

"I voted yes today, with a heavy heart and the hope that this bill will prevent the mess created on Wall Street from being further felt in our homes and communities."

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