Langevin Fights for Taxpayer Protection in Financial Rescue BillOctober 03, 2008:(Warwick, R.I.) - Congressman Jim Langevin joined a bipartisan majority today in voting for the Emergency Economic Stabilization Act of 2008, a proposal for addressing the crisis in the financial markets. The bill passed by 263-171. “While I am pleased that Congress again came together at an important moment to reach a bipartisan compromise on how to rescue our financial markets, no one is celebrating the tough decisions that were made today,” said Langevin. “Our economy is in dire shape and drastic action is needed. If we do not act now a domino effect could trigger major job losses and a significant period of economic downturn with negative consequences not just on Wall Street, but on every street in the country. “Over the last two weeks hundreds of constituents have contacted my office expressing serious concerns about the proposal and a firm belief that the taxpayers’ needs must be a priority. I have heard their calls and believe that passing this rescue plan is essential for Rhode Island families. This legislation will ensure hardworking people will have access to financing for mortgages as well as auto, student and small business loans. Just as importantly, Democrats successfully fought to include strong protections for taxpayers, including strong oversight of the Administration, caps on executive compensation and equity in companies that later become profitable.” “Going forward, we must ensure that our financial sector is no longer allowed to put ordinary Americans in danger by pursuing high-risk behavior with little to no oversight.” The Emergency Economic Stabilization Act of 2008 will:
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