MICCO SAYS BAILOUT BILL IS BETTER BUT STILL FLAWED

MICCO FOR CONGRESS

Bergen, Passaic, Hudson

201-575-9394

RUTHERFORD NJ Ninth congressional district candidate Vince Micco said today that the  Economic Rescue Plan that the House of Representatives passed today is much better than the one that was voted down earlier in the week. But he says the plan is still flawed Congress needs to do a far better job overseeing the federal agencies that are supposed to be policing wall street and protecting small investors.  

Micco issued the following statement:

"I opposed and would have voted against the original bailout legislation that failed in the House of Representatives on Monday.   I would have fought alongside my Republican colleagues for the many improvements that are included in the compromise bill that passed the House today.

"Following the huge 777 point loss on Wall Street – and more importantly – the chocking off of credit for small business and homeowners – I recognize that something had to be done to restore the flow of credit to Main Street's homeowners and businesses through banking and credit channels.

"I believe that the Economic Rescue Plan that the House of Representatives passed today, while still imperfect, is much better than its original version, for three reasons:

1. Thanks to the House GOP's intervention the government has the option of insuring, rather than buying the assets of troubled banks and investment houses outright. This will save taxpayers money.

2. Under the new legislation, the Alternative Minimum Tax, which affects New Jersey taxpayers disproportionately from the rest of the country, will get a one year "patch" to prevent over 20 million taxpayers from being subject to the AMT when they pay their 2008 income taxes.

3. This law also protects nervous bank depositors with a temporary increase from $100,000 to $250,000 in the FDIC insurance limit on bank deposits. This will protect and reassure those saving for or nearing retirement.

Micco added that his opponent Rep. Steve Rothman voted against the Bailout bill, but has done little in his career to provide proper oversight of financial markets and Fannie Mae and Freddie Mac.

“The problem with Mr. Rothman is that he has been in Congress 12 years and done nothing. Now all he can do is finger point. Where was he when his fellow Democrats lowered lending criteria? It’s easy to blame President Bush, but there are 535 other elected officials in Congress.”