Sen. Carper Outlines Support for Financial Rescue Plan

WASHINGTON — Sen. Tom Carper (D-Del.) issued the following statement in response to Senate passage late tonight of the Emergency Economic Stabilization Bill (H.R. 1424): 

“The Senate acted responsibly tonight by passing an economic stabilization package.

“No one is happy that we have reached this point, and I agree with many of my constituents that taxpayers should not pay for Wall Street’s mistakes. But the current financial crisis is so deep and so broad that it threatens our entire economy, and the risk to all Americans was too great not to act now.

“I believe this rescue plan will restore confidence and liquidity to a frozen financial system so Americans can continue borrowing money to buy cars and houses, send their kids to college, and get loans to keep their businesses running.

“Improvements to the legislation over the past week have made this plan more about Main Street and less about Wall Street. The package now includes taxpayer protections that require the President to submit a proposal to Congress that recoups any financial rescue funds not repaid by participating banks after five years.

“Furthermore, the legislation does not reward bad behavior or inept financial management because we eliminate ‘golden parachutes’ for financial executives.

“Instead, it restores consumer confidence in our banking system by more than doubling FDIC protection to $250,000, per depositor per institution. It also helps homeowners facing foreclosure by requiring the Treasury Secretary modify their troubled home loans. 

“In addition, I strongly supported a provisions added to this bill to extend energy tax credits to help Delaware businesses and entrepreneurs develop and produce clean, renewable alternative energy sources, without which the wind farm off Rehoboth Beach would not likely become a reality.

“I believe the strong bipartisan leadership shown by the Senate will encourage the House of Representatives to pass this crucial legislation later this week.”