U.S. Senator Lamar Alexander (R-Tenn.) released the following statement upon passage of the bipartisan economic rescue plan in the House of Representatives.
“I’m glad that Congress has worked together to approve this bipartisan bill that will allow the Treasury Secretary to begin cleaning up the wreck on the economic highway caused by bad mortgage loans. This should help get economic traffic moving again and restore confidence so that Americans can get auto, student, mortgage, business, and farm credit loans at reasonable prices. Since the Secretary will be buying troubled mortgage assets and then selling them, the cost to taxpayers should be limited, and any profits will go to reduce the federal debt.”
The House approved H.R. 1424 by a vote of 263 to 171. The Senate approved the measure Wednesday with a 74 to 25 vote. The bill now goes to the President for his signature.