WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement on the announcement of the financial recovery legislation, the Emergency Economic Stabilization Act of 2008:
“Coming together in a bipartisan way, Democratic and Republican Members of Congress worked with the Administration to reach agreement this weekend on a final plan to stabilize our financial system and stave off the threat of a broader economic crisis.
“Altogether, this package will reinvest our economy, establish a means for reimbursing the taxpayer, and lay the groundwork for long-term reforms.
“This final plan is much improved over the original Bush-Paulson proposal, incorporating many of the ideas that Democrats put forward to protect taxpayers, limit CEO compensation, ensure greater oversight, and minimize foreclosures. From day one, Democrats pledged that we would not simply hand the Administration a blank check, and we have made good on that promise.
“I am especially pleased with the inclusion of a profit-sharing provision that puts taxpayers first in line to benefit from any profit-making opportunities, as well as a version of a recoupment clause originally championed by Congressman John Tanner that insures taxpayers against potential losses.
“With these changes, I believe this is a plan a large majority of both parties can and will support. Now that we have broad bipartisan agreement, I intend to bring the final package to the House floor tomorrow for a vote.”