WASHINGTON, D.C. — Today Congressman David Wu voted in favor of the revised financial rescue package, the Emergency Economic Stabilization Act of 2008, which passed the House by a vote of 263 to 171.

“I understand the anger that Oregonians have at the irresponsible few who got us into this mess.  In fact, I share their anger,” said Wu.  “But this bill isn’t about bailing them out; it’s about keeping the rest of us afloat.”

“This is far from an ideal bill,” Wu continued.  “When we left on Monday, I committed to staying here as long as it took to put together better legislation.  This bill is improved, but it is still not all that I had hoped.  

“But in the end, I believe that the risk of doing nothing is too great.  I continue to believe that we face a serious threat to our economy.  Action is essential to protect Americans’ jobs, retirement, and financial security.  

“We didn’t need to rush to pass a bill on Monday, but we do need to stabilize our economy so that small businesses can continue to pay their employees, Americans will stop seeing the value of their retirement accounts plummet, college students can get the loans necessary to continue their education, and working families have access to responsible home and car loans.  A frozen credit market is simply not a situation that we can live with.

“Congress’s job to shore up the economy doesn’t end here.  Now our responsibility is to provide constant oversight as the rescue plan moves forward, ensuring that people at all levels act in the most financially prudent manner possible.  

“Instead of just waiting for better economic times to trickle down from Wall Street to Main Street, this bill provides direct relief to everyday Americans.”

The Emergency Economic Stabilization Act of 2008, as passed today, contains the following provisions that will directly benefit Oregonians and Oregon’s economy:

•    A reauthorization of the Secure Rural Schools program, otherwise known as county payments, which will provide a direct infusion of resources to Oregon communities.
•    Clean energy incentives to grow our green economy and shift our focus from dependence on foreign oil to renewable energy and green jobs here at home.  
•    A temporary increase in the FDIC bank deposit insurance limit from $100,000 to $250,000 to reassure Americans that their savings are safe.
•    An increase in the Alternative Minimum Tax (AMT) exemption to spare millions of middle-class families from an unfair tax increase.
•    An extension of research and development incentives for business to grow the innovation economy that is Oregon's future.

“By reauthorizing the county payments program today we are providing funds to hire teachers, healthcare workers, librarians, and others who provide vital services to rural communities across my district and the state of Oregon,” Wu said.  “By restoring these much-needed funds, we are also helping counties avoid issuing pink slips to police, firefighters, and emergency service providers and allowing these essential personnel to continue their important job of protecting our lives and communities.

“When it came down to it, the bill that all members were asked to vote for today was the last train leaving the station,” Wu said.  “I wish this legislation had been further revised, but ultimately, we needed to act.  I remain committed to working on behalf of Oregonians to address the needs of our economy in the years to come.”