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Wednesday, Jun 7, 2023

Valley Region Lawmakers Back Finance Bailout 4-2

The House approved a $700 billion bailout of the struggling financial industry in a 263-171 vote. The bill raises the cap on assets insured by the Federal Deposit Insurance Corporation from $100,000 to $250,000, lifts the alternative minimum tax on an estimated 24 million taxpayers and extends a popular tax break on research and development costs, the Los Angeles Times reported. Voting in favor of the bill from the San Fernando Valley region were Democrats Howard Berman, Adam Schiff, and Henry A. Waxman, and Republican Howard P. “Buck” McKeon, who represents the Antelope Valley. Valley Democratic Congressman Brad Sherman and Ventura County Republican Elton Gallegly cast no votes. The increase in the FDIC limits was one reason why Schiff, who voted against the bailout bill on Sept. 29, gave his support the second time. “By increasing the limit, FDIC coverage would be extended to an additional $700 billion of currently uninsured deposits and result in increasing the amount of savings held in banks,” Schiff wrote at this website. “This will help prevent runs on banks by nervous depositors.” The bill protects the savings accounts and money market accounts of millions of Americans, McKeon said in a statement. “The bad actors on Wall Street will take a significant loss with this legislation, but that loss will be contained and our economy will be protected,” McKeon said.

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