Neil's Spotlight Rep. Neil Abercrombie Statement on Economic ‘Bailout’ Legislation
October 3, 2008
Rep. Neil Abercrombie issued the following statement on the financial rescue bill approved by the U.S. House today.
"The Senate bill that we are considering today offers improvements and protections beyond the original House bill for individual taxpayers: it increases FDIC’s coverage from $100,000 to $250,000 per individual account holder; provides opportunity for additional help with mortgages, and offers income tax relief for 91,000 Hawaii households.
"This Senate bill will provide some breathing room to address the underlying challenges to the financial system. However, I will urge Speaker Pelosi to bring the House back into session immediately after the November election to enact the specific systemic reforms outlined in two bills I have cosponsored (H.R.7125 and HR 7240), reforms not adequately addressed in the Senate legislation. These changes, along with energy independence, will be my top priorities for Congressional action as soon as possible."
