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On October 3, 2008, Congressman Cramer released the following statement regarding the financial rescue legislation:
“Earlier this week, I took one of the most difficult votes I’ve had during my 18 years in Congress. Leading up to the Financial Rescue legislation vote, I participated in dozens of meetings and briefings to understand the gravity of the crisis, and I decided that the consequences of inaction were undeniable. I voted for the plan that I felt made all efforts to stem this economic downturn while including strong protections for the taxpayers in North Alabama.
“Ultimately, the legislation did not pass the House of Representatives on its first try, but today the House voted for an improved version that includes an increase in the insurance of the Federal Deposit Insurance Corporation (FDIC) from $100,000 to $250,000 to better protect bank accounts. Due to the grave nature of this crisis, and since the plan includes strong protections for the taxpayers, I continued my support of the Financial Rescue package and voted in favor of the legislation.
“The conclusion I have made is that this is not only about what is happening with the financial institutions in New York City, but about what is happening to people in Alabama. I understand the opposition to this plan, but the seriousness of this time in our nation’s history requires action to keep our economy solvent. Without it, we could fall into economic times that we have not experienced since the depression.
“I continue to believe – as I did when I supported the bill before – that we need to have oversight on every dollar that taxpayers put forward. We need to limit compensation for the executives of the companies participating in this proposal. We need to have the golden parachutes taken away from those who have run these companies into the ground. We need to have assistance to homeowners to make sure that whenever possible, families stay in their homes. And finally, we need to ensure the taxpayers’ hard-earned money is returned with a stake in these companies. Fortunately, the plan that the House passed today includes these provisions.”
September 10, 2008 - Cramer Statement on 9/11 Anniversary [more]
September 10, 2008 - Cramer Announces Grant for Hartselle Firefighters [more]
Click here to read additional news from U.S. Rep. Cramer
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