Published: October 03, 2008 10:02 pm            

Rahall: Bill will build firewall between W.Va., Wall Street

WASHINGTON — The passage of a financial bailout bill Friday by the U.S. House of Representatives will help to protect small businesses and citizens across southern West Virginia and Southwest Virginia, area lawmakers said.

“West Virginia’s banks have played by the rules, but if the status quo continues, West Virginians could suffer from the financial crisis,” U.S. Rep. Nick Rahall, D-W.Va., said. “This bill will build a much-needed firewall between West Virginia taxpayers and Wall Street’s greed.”

Rahall voted in favor of the Emergency Economic Stabilization Act of 2008. It passed the House by a vote of 263 to 171.

“This bill will keep credit lines available so that small businesses can meet their payrolls and students can take out college loans and have a calming effect on our financial markets to ensure that seniors’ nest eggs and retirement funds are safe and secure,” Rahall said.

Rahall said new tax incentives for coal technology is included in the emergency financial bill.

“It also contains tax incentives that promote coal gasification and carbon sequestration projects, which are essential to the future use of coal,” Rahall said. “While I am pleased a resolution was found, the toughest part of the work lies ahead—holding the responsible parties’ feet to the fire and truly reining in the abuses of Wall Street.”

U.S. Rep. Shelley Moore Capito, R-W.Va., voted against the measure Friday. Moore said she voted against the latest bailout plan because it was fundamentally the same bill she voted against Monday, the Associated Press reported.

U.S. Rep. Rick Boucher, D-Va., also voted in favor of Friday’s measure.

“The economic rescue measure that passed the House today is a responsible step designed to restore the flow of credit throughout the economy so that people can receive loans to buy cars, to purchase houses, to attend college and for other every day needs,” Boucher said. “It will assist businesses in receiving the credit they need to meet payrolls to keep people employed. It is to promote the health of the economy. It is not to bail out Wall Street firms and rich executives as many have wrongly assumed. It is a responsible step which will result in no long term loss to the government since there are numerous measures in the new law for the government to recoup its initial investment.”

— Contact Charles Owens at cowens@bdtonline.com

        

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