Recovery Package Benefits Consumers

Op-Ed

Recovery Package Benefits Consumers

Dear Friend,

Our nation faces serious economic challenges that require serious action. The recent bad economic news gives me no option but to act on behalf of consumers in Colorado and nationwide. After careful review, I decided to support the Emergency Economic Stabilization Act of 2008, which passed with bipartisan support, because it was the right thing to do for our families and our economy. Make no mistake - this is not a bailout for Wall Street, it will restore confidence in the American economy and the world financial system. Without this legislation, it will be harder for consumers to get basic car or home loans, small businesses will have trouble making payroll, pensions could deteriorate, and credit card rates will soar.

I appreciated the scores of emails and phone calls to my office from people across Denver and Colorado, and gave them serious consideration when making my decision. However, doing nothing risks a freeze in our financial markets, further exacerbating the economic meltdown as everyday Americans suffer. The bipartisan recovery package passed by Congress will inject liquidity into the market, free up credit for consumers and businesses to obtain loans, and stabilize our economy. While this bill was far from perfect, it was much better than the ‘blank check' first proposed by President Bush.

The recovery package is not a taxpayer giveaway - it requires Wall Street to pay back every single dollar to the American people. It includes four layers of strong oversight and accountability, provides funding in installments subject to Congressional review, and ends the era of ‘golden parachutes' by limiting CEO compensation.

During my entire career in Congress, I have always been on the side of consumers and taxpayers. Whether it is ensuring the protection of our consumer products and food supply, protecting consumers from predatory credit card companies, helping patients with mounting medical bills, or standing up for workers by voting to increase the minimum wage, my top priority has always been to put the consumer first. This recovery bill is aimed at protecting the American public during this economic crisis.

Our economy is feeling the brunt of record oil and gas prices, soaring health care costs, and the fallout of the mortgage crisis. Now is the time to act to stabilize our economy before it gets worse. In the coming months and as the new Congress begins, one of my top priorities will be to finds ways to stabilize and strengthen our economy.

Sincerely,

Diana DeGette

Member of Congress

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