2008-10-10 / Top Stories

Meeks Votes For Economic Stabilization Act of 2008

Representative Gregory W. Meeks, a member of the House Financial Services Committee, voted with his colleagues from both sides of the aisle to pass H.R. 1424, the Emergency Economic Stabilization Act of 2008, to help address the current economic crisis facing American families and the national economy.

On Monday, October 6, the House considered the Senate passed economic rescue legislation that included a number of tax cuts for Americans on Main Street. The provisions of the bill include clean renewable American energy tax incentives, which are critical to creating and saving half a million green jobs and helping to achieve energy independence; tax cuts for 20 million families, who could be hit by the Alternative Minimum Tax; extensions of expiring business and family tax cuts; disaster relief; mental health parity to end coverage discrimination; and other provisions.

Following the vote, the stock market plunged, costing the American economy more than $1.2 trillion. Middle class Americans instantly saw their 401Ks and pension plans - in some cases, their only nest egg - lose tremendous value.

"We are facing the most significant economic downturn our nation has seen since the Great Depression," stated Meeks. "It is as serious as any that has faced this nation and my colleagues and I were committed to working in a bipartisan way to address this crisis."

Meeks added, "Ultimately, I decided to support this bill after receiving significant input from my constituents, as well as from experts from around the country and after careful consideration of the language in the bill, because I believe that the bill supports the American taxpayers."

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