[Congressional Record (Bound Edition), Volume 154 (2008), Part 17]
[House]
[Page 23376]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1500
     LET'S WORK TOGETHER TO ADDRESS THE NATION'S CURRENT FINANCIAL 
                               CHALLENGES

  (Mr. DOGGETT asked and was given permission to address the House for 
1 minute.)
  Mr. DOGGETT. Madam Speaker, as one of those who voted against 
President Bush's bailout proposal, I want to express my continued 
interest in working together to address the Nation's current financial 
challenges. I do not oppose reasonable steps to intervene in the 
economy so long as all the burden is not placed on the taxpayers.
  I recommend that the House promptly approve a resolution calling on 
the Administration to exercise authority it already possesses to ensure 
that our financial markets continue to function properly.
  The FDIC should utilize its emergency powers to immediately raise the 
limits on federally-insured accounts at all banks. The Securities and 
Exchange Commission should review and consider suspension of current 
accounting rules on the valuation of mortgage-backed securities. And 
the FDIC should consider relying on the net worth certificate approach 
that it utilized during the savings and loan debacle of the 1980s.
  These are not just my ideas, rather, they are ideas recommended to 
the Congress by William Isaac, President Reagan's former Chairman of 
the Federal Deposit and Insurance Corporation. That approach, and 
others that were not considered last week, should be considered now to 
ensure that our financial markets continue to operate.

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