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Wilson Statement on Economic Rescue Package
Monday September 29, 2008FOR IMMEDIATE RELEASE
September 29, 2008
CONTACT: Ryan Murphy
(202) 225-2452 (Office)
(202) 689-4825 (Cell)
Wilson Statement on Economic Rescue Package
WASHINGTON – Congressman Joe Wilson (SC-02) issued the following statement today after H.R. 3997, the Emergency Economic Stabilization Act of 2008 failed to pass the House of Representatives.
“The cost of doing nothing during this economic crisis threatens the retirements and jobs of the people of the Second Congressional District of South Carolina. This is not about Wall Street. It is about Main Street. It’s the community banks that provide loans to the small businesses of this nation or student loans to families struggling to afford a quality education for their children. It’s those small businesses that create jobs – the very foundation of commerce that drives our economy. A systemic failure of this size in our complex economy would harm not just the market but the individuals who I have the privilege of representing. It has made the option of doing nothing unacceptable.
“I adamantly opposed the proposal originally sought by Secretary Paulson. It lacked transparency, accountability, and protections for taxpayers. That is why I stood in strong support for free market alternatives proposed by House conservatives including a far better alternative that failed to pass this morning. The legislation we considered on the floor this afternoon had tougher oversight and an alternative insurance plan to make Wall Street fix its own problems. It would have made sure that the first in line to recoup losses would be the American taxpayers who by no fault of their own were exposed to this crisis by the mishandling of others. This was not the best option available, and there are no perfect options. This was a compromise at a time when we need solutions.
“I voted to remain in session until a solution is achieved, and I urge that Congress be reconvened as soon as possible to face these issues now.”
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