Washington, DC – U.S. Representative Judy Biggert (R-IL-13th) today issued the following statement regarding H.R. 1424, the Emergency Economic Stabilization Act of 2008:
 
           “During the past two weeks, I’ve fought hard to present alternatives and add taxpayer protections to this bill.  Working with some great colleagues on both sides of the aisle, we offered options that ranged from insuring instead of buying mortgage-backed securities to tightening language on possible losses to the Treasury, to injecting capital through tax cuts for repatriation of foreign earnings and more.  We even attempted to limit the initial outlay to $250 billion so that Congress could come back in a month and reassess the need for the remainder of the $700 billion. 
 
           “Over the last few days we’ve made progress.  The FDIC is raising its insurance limit to protect people’s savings, the SEC is revising its mark-to-market accounting guidelines, and we’ve included middle class tax relief.  But there are still many changes I would have liked to see.  Unfortunately, volatility in the market is threatening the financial security of my constituents and millions of American families, small businesses, and retirees. 
 
           “I’ve always said we need to act.  This latest compromise is not the best package.  It’s the package that can move through Congress in time to protect the economy from lasting damage.
 
           “With the clock ticking, credit markets seizing up, and the market swinging wildly, it is clear that the time for seeking better options has run out.  I’m glad we held out for the taxpayer protections that we got, but if we don’t act now, those who are least to blame for this mess will suffer the most. 
 
           “I reluctantly support the bill and look forward to revisiting the issue as Congress monitors the program to ensure that we minimize risks and that taxpayers see a return on this investment.”

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