Statement by The Honorable Bobby L. Rush on his "Yes" Vote on the Emergency Economic Stabilization Bill

Washington, DC. ---- "After careful consideration, deliberation and reflection upon the impact of the current U. S. economic climate on the citizens of my congressional district and the  nation, I voted in support of the Senate amendment to H.R. 1424, the Emergency Economic Stabilization Act of 2008.  This was not an easy vote in part because of the complexity of the issue at hand.

"Listening to hundreds of my constituents, economists, the business community and my colleagues in the Congress, I believe that my vote and the subsequent passage of this legislation is a step toward correcting the failures of Wall Street and the economic policies of the past eight years.

"Given the continued strain on our entire economy, the effects of which I know are adversely affecting middle- and low-income families in my district — I believe a "yes" vote on this measure was in order.  Additionally, there were measures added to this bill by the Senate that I have been a strong advocate for during my tenure in Congress.  The mental health parity provisions and the alternative minimum tax provisions are two such measures.

The mental health provisions, of which I was an original co-sponsor in the House, requires insurers to include mental health coverage as part of primary care insurance plans.  Additionally, Alternative Minimum Tax (AMT) "fix" will reduce income tax liability, this year, for thousands of Illinois residents and more than 28,000 people who live in my congressional district.   I also support raising the Federal Deposit Insurance Corporation deposit guarantee from $100,000 to $250,000.

"While some improvements were made to assist homeowners facing foreclosure, I will remain vigilant to ensure that low-income and working-class families are not ignored while our nation's financial ship of state seeks to right itself.  My bottom line is I want the people I serve to know that, for me, this is not the end but, indeed, just the beginning of my efforts to ensure that the issues the people who live on Main Street are never again eclipsed by the excesses of Wall Street."

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