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Wilson Statement on Passage of Economic Rescue Package

October 3, 2008
Press Release

FOR IMMEDIATE RELEASE
October 3, 2008

Congressman Joe Wilson (SC-02) issued the following statement today after the House of Representatives passed an economic rescue package aimed to protect American taxpayers from the fall-out of the current economic crisis.

"From the beginning, Congress was delivered a flawed proposal. The initial Paulson plan lacked sufficient transparency, accountability, and protections for taxpayers. I was proud to stand with many of my colleagues as we worked to improve this legislation and keep our word to the citizens we represent. They sent us here to make these tough decisions.

"We fought for and won the inclusion of alternative plans, like an insurance guarantee program that would put no taxpayer dollars at risk and force Wall Street to pay to rebuild itself. We fought for and won strong oversight and transparency for the Treasury Department. We stood up against the golden parachutes and giveaways to corporate executives who had made bad decisions. We made improvements that included an increase in the Federal Deposit Insurance Corporation cap, so businesses would trust that their money was safe in our banks. This improvement means banks will have more capital to continue lending to the businesses and families that create jobs and grow our economy.

"Make no mistake, this legislation does not provide all of the reforms that are necessary to cease the bad lending and irresponsible borrowing practices that brought our economy to this fragile point. The hard work Congress must do to fix the root causes of our economic crisis is more important than what we have done here today. There is much more that demands our attention and the American people will not and should not accept anything less."

The economic rescue package includes many provisions aimed to protect taxpayers while ensuring credit and confidence is restored to our markets. These include:

  • Increase in the FDIC insurance cap from $100,000 to $250,000
  • Alternative insurance program so Wall Street pays to rebuild its own credit
  • Alternative Minimum Tax (AMT) relief that will protect 25 million middle class families from paying higher taxes
  • No golden parachutes for Wall Street Executives
  • An evaluation of accounting rules to ensure we accurately value the debts and assets of companies

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