U.S. Congressman John Boozman 3rd District of Arkansas

House Seal Outline

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Washington, Oct 3, 2008 -

U.S. Representative John Boozman (R-AR) today affirmed his commitment to protecting the financial security of Arkansans by voting for the Emergency Economic Stabilization Act of 2008.

“We face a very real economic crisis. Arkansans are facing problems refinancing their homes, job losses are mounting all across the country, and the ability of Americans to access credit is continually becoming more difficult. This vote restores confidence in our lending institutions and protects hardworking Arkansans from losses on Wall Street.

“The potential risks we face are too dangerous for us to do nothing. Action must be taken now to bring relief to this economic crisis. Already many of us see the result of inaction as our retirement savings have decreased. We need to protect Americans from further danger.

“Credit is drying up. Businesses run the risk of not having money to pay employees, we will have trouble securing loans for schools and for cars and more banks will fail. This legislation will stabilize the market.

“My top priority is always the American taxpayer and they are protected through safeguards in this bill. Taxpayers are the first to recoup losses from financial institutions, FDIC deposit protection is increased from $100,000 to $250,000, oversight has been added and we’re not paying business executives ‘golden parachutes’ with taxpayer dollars.

“This bill isn’t a get-out-of-jail free card for Wall Street executives who forced us into action. We will pursue the people who should be punished for causing this meltdown.

“The sense of urgency for action is apparent and this is a necessary step to protecting the lives and financial security of Arkansans and all Americans.”