Texas Representative defends voting for financial bill.October 13, 2008 -
On America's Business with Mike Hambrick radio program, Representive Mike Conaway (R-TX) says many voters in his district urged him to vote against the multibillion-dollar Emergency Economic Stabilization Act of 2008. However, Conaway says he decided to vote for the bill because it was in the best interest of the American economy. The Representative also said that he pushed for language in the act to help restore business and consumer confidence in banks.
Rep. Conaway Braved Political Pressure to Vote for Financial Rescue Bill
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Press release date: October 10, 2008
In Radio Interview, Conaway Says He Voted For "What I Believe is Right"
WASHINGTON, D.C., October 10, 2008 - On this week's "America's Business with Mike Hambrick" radio program, Rep. Mike Conaway (R-TX) says many voters in his district urged him to vote against the multi-billion-dollar Emergency Economic Stabilization Act of 2008. However, Conaway says he decided to vote for the bill because it was in the best interest of the American economy.
WHO: Rep. Mike Conaway (R-TX)
Member of the House Agriculture, Armed Services
And Budget committees
Conaway says many voters in the Texas 11th Congressional District opposed the legislation. He explained why he decided to vote for the bill despite pressure at home not to do so:
"In a representative form of government, my job as I see it is to form the best opinion I can, the most informed (and) intelligent. Do the analysis. Read the bill. All those kind of things you do. And yes, listen to constituents. But at the end of the day I had to vote for what I believe is right."
Conaway says he pushed for language in the Emergency Economic Stabilization Act to help restore business and consumer confidence in banks:
"I lobbied along with a lot of my friends to increase the FDIC (Federal Deposit Insurance Corporation) insurance limit for banks and savings and loans and credit unions from $100,000 a borrower to $250,000 a borrower. That's a confidence builder. And what we're talking about is confidence in these bank officials to continue to do what they do on every single day. And if we calm down the individual depositors, help calm down some of the small businesses who might have more than $100,000 in the bank and quit moving that money around unnecessarily because they are trying to avoid being in an uninsured position, then that's kind of a little oil on the water itself."
WHAT: "America's Business with Mike Hambrick" is an hour-long radio program airing nationally in more than 60 markets."America's Business" explores the issues and people who make America the world's manufacturing leader. Hosted by broadcast veteran Mike Hambrick, the show features news, commentary and interviews with leading news makers and manufacturers, "the millions of people who make things." To listen to the program, go to http://www.americasbusiness.org.