Floor Statements

Mr. Speaker, I rise today to talk about how clean energy technology is creating jobs in my district and why we need the Senate to follow our lead and pass the American Clean Energy Security bill to create even more jobs in the Hudson Valley and throughout the country.

Mercury Solar in my district started 3 years ago with five employees and now employs 60 people, expecting to have 80 by year's end.

Spectra Watt, a solar cell manufacturer, will be employing 150 people in their new Dutchess County facility by next year.

Business is growing by leaps and bounds because of the market created by New York's renewable energy requirements, because of the Federal tax incentives that we passed here in Congress and because of the economic stimulus package. But more needs to be done, and that's why we need the Waxman-Markey bill, the Energy and Jobs bill, to be passed by the Senate.

It is time to invest in our future for America to reclaim first place in the field of energy technology and to create the middle class jobs of the 21st century.

I urge the Senate to quickly pass the Waxman-Markey Energy and Jobs bill.

Mr. Speaker, I rise today in strong support of full funding for the State Criminal Alien Assistance Program, or SCAAP. I am pleased that the House has rejected calls to eliminate this program. I hope the Senate will do the same because in these difficult economic times it is more important than ever for the Federal Government, not local taxpayers, to pay when illegal immigrants are detained.

Last year, the five counties I represent in New York's Hudson Valley received more than $1.2 million in Federal reimbursement for costs associated with detaining undocumented aliens, funding that is essential for local law enforcement to keep our communities safe.

SCAAP requires the Federal Government to step up to its responsibilities and foot the bill for its failure to enforce our immigration laws. We must continue to support this vital public safety and taxpayer protection program.

Mr. Speaker, I hear stories every day from Hudson Valley families about the skyrocketing costs of health care. People tell me that having to deal with insurance companies leaves them being denied coverage for any reason, plausible or not. They talk about medical bills that are already too high before they have to pay even more to cover their children who just graduated from college and are now struggling to find work.

Families USA released a study this week showing that 3.5 million New Yorkers spend more than 10 percent of their pretax income on health care costs and almost 1 million New Yorkers spend more than 25 percent. This is

pretax income, which would be an even higher percentage of their disposable income.

These numbers are one more piece of evidence showing that the time is now for comprehensive health care reform. We must reduce health care costs for middle class families.

I thank the gentleman from Colorado. Mr. Speaker, I rise today in support of this rule and the underlying bill, H.R. 2187. I also must comment, I'm sorry that my friend and colleague from Florida feels that things like the 2009 appropriations bill was somehow closed, because not only was it agreed to last year in committee and subcommittee and through the normal appropriations process, but there were hundreds, if not thousands, of special appropriations or earmarks that some would say that were asked for and granted to Republican Members of Congress.

So it's simply in that case not true that----

Yes, just for a second.

I understand. Reclaiming my time, I want to talk----

Reclaiming my time.

I'm reclaiming my time, sir. I only have 2 minutes.

I just wanted to correct that bit of the Record.

America's aging schools are in dire need of assistance. I am a former trustee and school board president. I have seen it. Buildings are crumbling while school districts are having trouble paying their energy bills. This bill would help school districts invest in repairs, construction and green modernization without passing the burden on to local taxpayers who in New York, I know, can't afford any more property tax.

Schools in my district are already doing some of this work. For example, Arlington High School is installing solar panels to offset carbon emissions, panels that were lobbied for by the students who went to their school board, went to the State and came to us asking us if our office could help. The Haldane Central School District is planning to replace their old HVAC system with a cost-effective and renewable geothermal power system. But these and other districts in the Hudson Valley could use some help.

As schools make repairs, hundreds of thousands of jobs will be available to hardworking Americans, good-paying jobs that cannot be outsourced.

I urge my colleagues to support this rule and this legislation because it is good for our environment, good for our students, and good for our economy.

Madam Speaker, I rise today in support of the Credit Cardholders' Bill of Rights. It's about time that we passed legislation to protect consumers from the abusive practices of credit card companies. Consumers have paid the price for a lack of regulation with excessive fees, sky-high interest rates and unfair, incomprehensible agreements that credit card companies revise at will.

The Credit Cardholders' Bill of Rights will end these practices, leveling the playing field for people who play by the rules. It requires credit card companies to give cardholders advance notice of an interest rate hike; it ends tricks and traps that make cardholders incur rate hikes and unreasonable fees, and it shields cardholders from misleading terms while protecting vulnerable consumers from fee-heavy subprime cards.

Today's Credit Cardholders' Bill of Rights will help families and small businesses in the Hudson Valley and across the Nation. I urge its passage.

Thank you, Mr. Blumenauer. If you don't mind, I will confine myself to lyrics tonight.

Like you, I have noticed over the years that industries that are about to be regulated cry wolf and say that jobs will be lost.

As I recall when seat belts were first proposed for cars, the automobile industry said: Oh, you are going to put us out of business. You are going to throw people out of work. And, instead, it created a whole new industry of building and installing and maintaining seat belts. The same thing with air bags in cars: Oh, you are going to put us out of work. You are going to cause a big loss of jobs.

And, instead, SRS and other companies sprang up inventing, designing, installing and maintaining air bags in cars. The same thing goes for scrubbers on coal power plants and so on and so forth.

So I would like to speak as a member of the Transportation and Infrastructure Committee because the surface transportation bill that we are going to work on this year will be critical to solving the climate change problem. This upcoming surface transportation reauthorization is a historic opportunity to take us forward toward a 21st century solution and a 21st century transportation network and begin to deal with climate change.

If this bill does not focus, not only on building and repairing roads and bridges, which is important and does create jobs, but also on increasing the share of funding going toward mass transit, then it will be a missed opportunity.

If the bill does not increase funding for alternative modes of transportation like bicycles and pedestrian walking paths and intercity passenger rail, then it will be a missed opportunity. If this bill does not change the way we think about land use planning so that we focus on smart growth, good land use planning principles and transit-oriented development and complete streets, we will have missed an opportunity.

And if this bill does not encourage the use of renewable fuels on electric vehicles and plug-in hybrids, it will be a missed opportunity.

I must remark that a couple of weeks ago I drove one of the test vehicles that was here outside that gets 250 miles per gallon in the plug-in hybrid version. And the pure electric version, I'm sure you saw it here, I won't mention the brand name because I don't want to be seen as endorsing a particular company, but we could find it on the Internet with a little search. The pure electric version currently gets a 70- mile-per-hour top speed and 100-mile range, well within the commuting range and the speed necessities of most commuters. So we need to look at all these things that, hopefully, will do that in this bill.

Furthermore, there's a great opportunity not just to mitigate climate change effects which have environmental and public health benefits, but also in developing new technologies which cannot or should not be outsourced. We should be creating jobs right here the United States and reinvigorating our economy. We, the country who put a man on the Moon, should be leading the way in these new technologies and not conceding that lead, new technologies to other countries.

So I will stay around to take part in the discussion for a little while. But I appreciate, Congressman Blumenauer, your organizing this hour, and thank you for inviting me to be a part of it.

Thank you.

I would like to emphasize jobs. It's astonishing to me that the chorus from the other side of the aisle here seems to be that we're going to lose jobs when in fact the U.S. Conference of Mayors released a study recently showing that renewable power generation alone will lead to the creation of over 4.2 million new jobs in manufacturing, legal, construction, engineering, consulting, and research sectors.

And like my colleague, Mr. Himes, I recently spent a couple of days with my work gloves on and my jeans and a hard hat working doing retrofitting, weatherization of homes in my home county of Dutchess County of New York where last year the Dutchess County Community Action Program only retrofitted and weatherized 183 homes. This year, thanks to the stimulus package, they are looking at over a thousand homes already lined up. They are going to be hiring five times as many people to go out on those teams.

In my district alone, there are many exciting new companies from low- tech to high-tech. For example, Taylor Biomass Energy has an exciting new patent process that turns municipal solid waste, MSW, into clean- burning gas for electricity generation using a process that is carbon negative. The end result is 75 percent reduction in greenhouse gas emissions because when you take that trash, that organic household waste, whatever it is, goes into the landfill and turns into methane and goes out those upside-down J-shaped fences and goes out into the atmosphere is actually worse than carbon dioxide, 20 times worse.

SpectraWatt, which has just announced a major investment in my district, is creating state-of-the-art solar technology, and they will be building solar panels which we hopefully will sell not only around the country, maybe to New Mexico, but also to other countries like India or China or Germany who right now are in the lead.

Cities and towns are asking for help to do the same thing. The City of Beacon in my district just asked for funds which I was able to secure to install a new solar electric power system on their municipal building, developing a comprehensive plan for a city which recognizes the value of free energy and no emissions. It's sort of the win-win-win policy because it hires people to make the panels and it hires people to

install them. And once they get past that initial payoff--and of course the higher the price of gas or diesel or electricity from other sources goes, then the better this looks.

And they will also use it as an educational tool for the students in the City of Beacon, New York, to be able to see how renewable energy works.

And, lastly, I would just say, echoing Congressman Tonko's statements about tidal power and hydropower, that New York State alone, according to the Idaho National Laboratory Web site, which is an offshoot of the Department of Energy's Web site, has more than 4,000 low-head hydroelectric sites. Those are existing dams and waterfalls where water is falling every day by the ton and not being used, going to waste. And just by putting the properly sized turbines where water is already falling, they estimate that we could generate 12 megawatts of power. And think of the people it would hire. That was when you were speaking, Mr. Tonko, I wanted to make this comment that you are hiring electrical workers, you are hiring mechanics, you are hiring engineers, you are, in some cases, hiring attorneys because there are liability questions with orphan dams that need to be worked out. But you are hiring a wide spectrum of workers with different kinds of jobs, ranging from construction and electrical work, to sheet metal, to engineering and so on, and transportation jobs.

And then not only that, but then you have a decentralized grid with a lot of smaller points of generation as opposed to having one huge note of generation and another huge note of consumption and worrying about blackouts occurring in between. So there are many reasons for us to go down this path, and one of them is that many, many jobs will be created by it.

With that, I yield back.

Mr. Speaker, I move to lay the resolution on the table.

Mr. Speaker, I was as shocked as all Americans were to learn about AIG, the recipient of more than $170 billion of taxpayer money, paying out more than $165 million in bonuses to its executives. Where I come from, when you run your company into the ground, you get fired, you do not get a bonus.

Seventy-three people at AIG received bonuses of more than $1 million; that includes one bonus of $6.4 million, six more who received more than $4 million each. Eleven people received retention bonuses, that is, bonuses specifically designed to keep valuable employees from leaving the company. Well, you know what? They have already left the company--take the retention bonus and then leave; all this from a company that is 80 percent owned by the taxpayer. The people of the United States are not going to stand for this behavior from these people; neither would I, neither should this House.

AIG should pay back every cent they spent on ``performance bonuses,'' and the only reward they should get for their performance is a pink slip.

Madam Speaker, due to a family emergency I was unavoidably absent from the House on March 4, 2009, and missed the following votes:

Rollcall vote No. 94, a motion by Mr. Pascrell of New Jersey to suspend the rules and agree to H. Res. 201, a resolution recognizing Beverly Eckert's service to the Nation and particularly to the survivors and families of the September 11, 2001, attacks. Had I been present, I would have voted ``yes.''

Rollcall vote No. 95, a motion by Mr. Carney of Pennsylvania to suspend the rules and agree to H. Res. 195, a resolution recognizing and honoring the employees of the Department of Homeland Security on its sixth anniversary for their continuous efforts to keep the Nation safe. Had I been present, I would have voted ``yes.''

Rollcall vote No. 96, a motion by Ms. Lofgren of California to suspend the rules and agree to H. Res. 45, a resolution raising awareness and promoting education on the criminal justice system by establishing March as ``National Criminal Justice Month.'' Had I been present, I would have voted ``yes.''

Madam Speaker, Citigroup did take more than $45 billion in taxpayer-funded rescue money. And imagine the shock and outrage that I and many other Americans felt when we heard this week that Citigroup was buying a $50 million French-built corporate jet.

Is there no shame? America is in the midst of a recession, with the highest unemployment in 16 years and the highest foreclosure rate in more than three decades. People all over the country are losing their jobs, their homes, their small businesses. And in the midst of all this, a company that the taxpayers are bailing out with our tax dollars is buying a plush corporate jet.

I voted to rescue the banks, reluctantly, for one reason and one reason only: to free up credit so that small businesses and individuals could have access to loans for essentials such as college tuition and home mortgages and the economy could keep running. A new private jet is not what I voted for.

Thankfully, pressure from Congress and the White House has forced Citigroup to cancel the purchase of this plane. But the incident is a glaring example of the blatant lack of accountability from banks seeking rescue money. It needs to stop. And I look forward to working with the new Treasury Secretary to correct this oversight and make it clear that explicit restrictions are placed on any rescue money used by the banks.

Thank you, Mr. Chairman.

Madam Speaker, I rise today also to pay tribute to a heroic achievement. It's nearly unimaginable that a commercial airliner would be forced to land in a busy river. And as a sailor who has sailed through New York Harbor on the Hudson River on all different sizes and shapes of power and sailboats, I can only imagine what it's like to try to land a 55-ton glider, which is in effect what Captain Sullenberger had. And fortunately he was not only trained in flying gliders, but he was an instructor in flying gliders and had that experience to call on and was able to land softly without catching a wing tip. We've all seen those terrible water landings, which of course George Carlin used to call ``a crash,'' but the water landings where one wing tip catches and the plane winds up somersaulting and coming apart, it really is miraculous, but it's also the most amazing demonstration of aviation skill, one of them, that I have ever seen.

And because of the actions of Captain Sullenberger, First Officer Skiles and their uncommon bravery, despite the loss of both engines, they were able to land where they would not cause casualties on the ground in the Hudson River. And the fact that he checked the plane twice behind every seat, looking up and down the aisles twice to make sure that no one was left before he left his aircraft is another sign of his professionalism and bravery, as was the demonstration of coolness and professionalism by Sheila Dail, Doreen Welsh and Donna Dent, the flight attendants and the 150 passengers who remained on board and held hands and bonded with each other, including my constituent, Diane Higgins of Goshen, New York, and her 85-year old mother who were led to safety. They were all heroes on that plane, but there were also the first responders, the ferry boat captains, the police and Coast Guard who brought the passengers and crew safely to land from that near freezing water. This is what our first responders are trained to do. And like the crew on board Flight 1549, they did so perfectly and without incident.

Madam Speaker, the quick thinking and the heroic actions of the flight crew and first responders are something we are all proud of. I urge support of this resolution.

Mr. Speaker, the House approved the $700 billion financial rescue package last October only under the condition that banks would be accountable and that taxpayers would know what the banks did with the money. We all know that that hasn't happened.

The Bush administration and the Treasury Secretary never held up their end of the deal. They've ignored the measures Congress put in the package to protect the taxpayers. The result: blank checks to big banks and nothing to protect middle class families from foreclosures.

Today, the House is going to vote to change this and will strengthen oversight on what the banks and the administration are doing with the funds. The taxpayers have the right to finally know exactly how their money was spent.

Mr. Speaker, I rise today to express my disappointment that the House has once again been forced to consider legislation to rescue some of America's most important and renowned companies. I regret the need to cast this vote, but I believe voting for this legislation is the better choice.

Congress cannot allow the Big Three automakers to go out of business. They are too important to our economy and our national security. In my district alone there are more than 3,000 jobs directly dependent on the auto industry, accounting for salaries of more than $150 million annually. The industry is a significant contributor to the tax base of New York State, which is already facing severe financial turmoil.

Beyond its economic importance, maintaining a successful domestic automobile industry is vital for the long term interests of the United States. There are certain industries which we must maintain domestically for national security reasons. During World War II, the automobile industry led the way in the conversion to a war economy by altering their manufacturing plants to make armored vehicles and tanks instead of cars and trucks. Few companies still maintain that capacity, and so for that reason alone we cannot let the industry fail.

We need to help the auto industry, but I do not believe we should be giving a blank check to anyone. That is why I appreciate the work this Congress has done to make the legislation tolerable. This is not a give away. We are voting on a loan which I expect to be paid back, and paid back with interest. It has protections for the taxpayers. As long as the loan remains outstanding, no dividends can be paid, no executive bonuses or golden parachutes can be issued and the government will receive warrants for equity value equivalent to part of the value of the loan. In addition, this loan takes legal priority over every other debt and obligation the companies face.

I am disappointed about provisions that this bill does not contain. I recognize that the presidentially appointed overseer will have a great deal of power to force specific changes in the way our Nation's auto industry does business, but I would have preferred to see many of these changes specifically tied to the loans by this legislation. For example, in their presentations last week, the CEOs of General Motors, Ford and Chrysler claimed that with these loans they will be able to meet and even exceed the increased CAFE standards Congress finally mandated last year. I believe that they should be required to do so by the legislation. It is critical that, over the coming months, Congress exercises the necessary oversight to make sure that the Big Three keep their word.

I would have liked to see clear goals that required a set percentage of products produced by the auto companies to be high-efficiency vehicles. I would have liked to see a commitment from the automakers to make hybrid technology options more prevalent and available more often. I would like to see more substantial investment made into research and development for new, greener, energy-efficient technology. Perhaps most importantly, I would have liked to see a guarantee of true reform, starting from the top, in how these companies do business and the kinds of cars they produce and sell. Taxpayer-supported companies cannot be allowed to continue the sort of ill-advised business decisions the industry has been making the last few years.

Mr. Speaker, I hope that today will be the first step towards the beginning of a new era for U.S. automakers. Congress is doing what we must, stepping in and saving the manufacturers, but we are not doing so without a commitment for genuine and long lasting reform on their part.

Madam Speaker, I rise today in support of H.R. 1424, The Emergency Economic Stabilization Act of 2008. Since this House rejected an earlier plan to intervene, the bad economic news has kept rolling in and the dangers to Main Street businesses have increased. Only today it was announced that 159,000 American jobs were lost in September alone. This kind of news combined with the tremendous declines we've seen in the markets only underscores our need to take action.

I continue to share the anger of most Americans about the need to take these unprecedented steps, but I remain more convinced today that we must act decisively to contain this economic contagion before it spreads into the far reaches of our economy and leaves lasting damage.

Although this bill added an important provision to increase the insurance guarantees on personal deposits by the FDIC and a number of tax provisions, it remains similar to the package that I reluctantly supported earlier this week. While this bill is far from perfect, I believe it addresses the economic crisis in a responsible way that helps Wall Street while still looking out for Main Street and protecting our tax dollars.

This bill would still institute limits on executive compensation and golden parachutes for the executives of companies that take part in the plan. It puts in place real oversight, from the courts, from Congress and from a new Inspector General's office and finally installs significant Government supervision and regulation of the companies that helped to put us in the situation we're in now.

It also puts in place mechanisms to make sure that taxpayer dollars will be protected to the maximum extent possible. To the extent that our investment is not recouped, the President will have to come up with a plan to make sure that the companies taking out this Government loan will have to pay back the American taxpayer.

The financial industry is of great importance to New York State, which relies on our financial institutions for a significant percentage of tax revenue and jobs. The Hudson Valley is particularly vulnerable to difficulties on Wall Street, and I fear that the workers, small business owners, and families in my district will face severe economic ramifications if we do not stem the tide of this financial crisis. That is the primary reason that I feel I must vote yes today.

In fact, the ripples of the credit crisis are already impacting some of the small businesses in my district. Jeff Conston, owner of Dutchess Recreational Vehicles in Poughkeepsie, contacted me to tell me that his customers are finding it very hard to get financing to purchase the equipment he sells. He has 34 employees who handle sales, parts and service for his dealership. He urged us to get this financial rescue plan passed so the financing for his customers and his business can start flowing again.

Another local businessman, William L. Spearman, Chief Executive Officer of the Mid-Hudson Valley Federal Credit Union in my district, told me that while his credit union's balance sheet remains strong, his members are so concerned about our financial system that they are withdrawing money just to put it in their mattresses. In his view, the financial system is frozen and we need to pass this bill to provide confidence to his members and to get the system moving again.

Overall, I am pleased that the legislation sent back from the Senate includes some important tax relief provisions that I believe Congress should pass this year. Chief among this is a one year ``patch'' that will protect thousands of middle class families from being hit by the AMT this year. Last year over 30,000 families in my district paid AMT, and this bill will ensure that an additional 70,000 families in my district will not also be obliged to pay it. I wish we had the support to permanently fix the AMT, and help the middle class families that are still subject to it, however once again the ``patch'' legislation that we consider today is the best legislation that we can pass at this time and I will support it.

I am also grateful that this legislation contains a number of tax breaks to help individuals and small businesses. Given the economic troubles we are in the midst of, tax breaks for research and development and for teachers who use their own money to purchase supplies for the students are desperately needed and could not come at a better time.

This bill also includes some important provisions to help shore up our economy in the long term by moving us away from imported fossil fuels and toward energy independence. The critical tax incentives in this bill for wind, solar, hydropower, marine energy, and the purchase of advanced plug-in hybrid vehicles will create thousands of green jobs here in America that can't be outsourced, help cut consumer energy costs, and give individual families and businesses the power to help fight climate change and end our dependence on foreign oil. Although I am deeply disappointed by the inclusion of incentives for coal to liquids technology and tar sands and oil shale exploration, which will not meet these goals, this package is still critical to our future and worthy of support.

Passage of this plan is only a first step. What created this crisis was the Bush administration's and previous Congress's failure to stem reckless behavior on Wall Street, and we cannot allow that lapse in oversight to be repeated. I am pleased that the Committee on Oversight and Government Reform will begin hearings soon on the causes of this crisis and that there is acknowledgement that we must work to make more fundamental investments in the true engine of our economy, American workers, innovation, and small businesses, in order to more permanently strengthen our prosperity. Congress must remain vigilant, aware of how this tremendous authority is being exercised by the administration and in the markets, and ready to intervene at the first hint of abuse or ineffectiveness.

Madam Speaker, the events of the last few weeks have been unprecedented. Following a summer of economic disarray and confusion the rapid failure of Fannie Mae and Freddie Mac, Lehman Brothers and AIG have rocked our economy, roiled our financial markets, and left many Americans fearing that we may be on the verge of the greatest economic collapse since the Great Depression. This would imperil the economy of the Hudson Valley and New York State, costing us jobs and revenue that the State and local governments rely on.

In the wake of massive federal intervention to keep these former pillars of the financial industry afloat, it has quickly become clear that a cascade of financial collapse on Wall Street threatens to spill over into the credit markets, wreaking havoc on the broader business community and our entire economy unless swift, responsible, and effective steps are taken to stabilize the situation.

In response to these events, the Bush Administration asked Congress for a $700 billion blank check to bail out failing companies as it saw fit without limits, restrictions, or oversight.

It's hardly surprising that following this proposal, the outcry from my constituents came through loud and clear that it was unacceptable to throw a life line with no strings attached to the same reckless, irresponsible CEOs who have driven our economy to the brink through dangerous, greedy speculation on mortgage values. I share their view that the original Paulsen plan had too little oversight, too little protection for taxpayers and too little accountability for Wall Street. It was unacceptable.

I share the anger we're hearing from Americans about the fact that Congress may be poised to bail out greedy, freewheeling CEOs while average families are struggling with flat wages and higher costs. However, one of my most important responsibilities, and one of the most sacred obligations of Congress, is to ensure the security of the people of the United States, including their economic security. As satisfying as it would be to let these irresponsible companies flounder and fail as a result of their actions, the bottom line is that their instability has created an economic contagion that must be contained, or it will spread into the rest of our economy and present a clear and present danger to our prosperity and the quality of life of every American.

It is that need for action that has driven Members of Congress from both sides of the aisle to work feverishly over the last several days to come up with a plan. While far from perfect, it attempts to address the economic crisis in a responsible way that helps Wall Street while still looking out for Main Street and protecting our tax dollars.

It is outrageous to think that the CEOs who ran their companies into the ground and have brought us to the precipice of disaster could

receive fat corporate bonuses, and the bill before us today would put a stop to that by instituting limits on executive compensation and golden parachutes for the executives of companies that take part in the plan. There is real oversight, from the courts, from Congress and from a new Inspector General's office. There will finally be significant government supervision and regulation of the companies that helped to put us in the situation we're in now.

Perhaps most importantly, the bill puts in place mechanisms to make sure that taxpayer dollars will be protected to the maximum extent possible. When the market improves, and I believe it will, our investment will allow the taxpayers to share in the profits. To the extent that our investment is not recouped, the President will have to come up with a plan to make sure that the companies taking out this government loan will have to pay back the American taxpayer.

The proposal we have before us today is a substantial improvement over what was originally presented to us just a week ago. It has safeguards to protect the taxpayers' investment and it has comprehensive oversight so we will always know where our money is going. While I would take great personal satisfaction in seeing Wall Street deal with this crisis on its own, I have a responsibility to the people who elected me to do everything in my power to keep the economy in good order.

New York State depends on the continued success of our financial institutions for tax revenue and jobs. The Hudson Valley is especially vulnerable to difficulties on Wall Street. If we could contain the damage to Wall Street I would be tempted to vote no, but I have become convinced that the situation has already begun to have ripple effects through our economy that could do permanent damage to retirement accounts, individual investments, and small businesses. This would be unacceptable, and that is why for the sake of our economic security I believe that I must reluctantly support this measure.

We must also be clear that passage of this plan is only a first step. One of the conditions that created this crisis is the tendency by the Bush Administration to turn a blind eye to the recklessness on Wall Street, and we cannot allow that to happen again. Congress must remain vigilant, aware of how this tremendous authority is being exercised by the Administration and in the markets, and ready to intervene at the first hint of abuse or ineffectiveness.