Holden opposes economic stabilization act

U.S. Rep. Tom Holden, D-17, voted in opposition to the Emergency Ecomonic Stabilization Act Friday, and issued these comments following the vote:

"The section of the bill dealing with the financial crisis the House of Representatives voted on today was the same bill I voted against only four days ago. The issues I found most troubling were not changed. (1)The bill now spends over $700 billion of taxpayers' money and we don't even know if this is the actual cost. It could cost taxpayers even more; (2)The bill does not have limits on salaries paid to CEOs of bailed out firms; (3)The bill allows foreign governments to dump their toxic assets on the U.S. Treasury; (4)The bill establishes a Financial Stability Oversight Board and a Congressional Board. However, these boards have no real authority to halt, delay or alter any decisions, only critique; (5)The bill only says that the President must submit to Congress in 2013 a revenue bill that recoups from the financial industry the taxpayers' net losses. This bill should automatically enact revenue increases. The financial crisis we now face is due in large part to the incompetence, arrogance, and overall greed of Wall Street CEOs. We should not be voting to reward their bad behavior! Unfortunately, I do not believe this bill addresses the root of the problems facing our financial institutions. There are other alternatives. For example, former FDIC Chairman Bill Isaac, who was chairman during the S&L crisis, has laid out a number of ideas which include: (1)the FDIC should issue net worth certificates; (2) the FDIC should insure bank's general creditors against losses, not just depositors; (3) the SEC suspend the mark to marketing accounting rule. Added into this bill is a provision increasing the FDIC insurance to $250,000 which I support. In addition, my record also reflects my past support for AMT relief for middle class Americans, mental health parity, and extending tax credits for renewable energy. These provisions should not have been included in this bailout bill."