Articles

September 29, 2008
FOR IMMEDIATE RELEASE
CONTACT: William Tranghese (202) 225-5601

Congressman Richard E. Neal released the following statement today after the financial rescue package was defeated in the United States House of Representatives by a vote of 228-205. The Bush administration and the leadership of the United States Congress will now determine how to move forward with a new plan to help solve the current economic crisis.

"I voted for the bipartisan financial rescue package today because of my concern about the stability of the financial markets. It is clear our country is experiencing an economic crisis, and I believed that decisive action was necessary to protect and preserve our troubled financial institutions. And it was equally important to protect the investments of our nation's citizens. The compromise plan that was reached included tough independent oversight and transparency; limited excessive compensation for CEO's; contained strong taxpayer protections and sought improvements to prevent home foreclosures. The rescue effort would have helped families, homeowners, investors, community banks and small businesses. It was designed to protect the interests of those Americans living on Main Street. Unfortunately, the legislation failed, but the economic uncertainty remains. I will continue to work with my colleagues in Congress to pass bipartisan legislation that will rescue our economy and stabilize our financial markets. The American people expect and deserve no less," said Congressman Richard E. Neal.

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