The stimulus and bailouts might have been the most unpopular things that Washington lawmakers had to address, but they were necessary, according to U.S. Rep. Jim Himes.
The Democratic lawmaker”™s comments came during an address to The Business Council of Fairfield County at its recent annual member meeting.
“We have dodged a bullet. The stimulus was exactly what it was, the product of a committee of 435 people all of whom get a vote.”
Himes called the Financial Regulatory Reform Act, which was making its way through the Senate last week, “absolutely necessary.”
“It”™s easy to say, in the political world, that this is all Wall Street”™s and Fannie Mae”™s fault. The reality, of course, is that as a society we collectively bear an awful lot of blame for where we are and therefore this is a sweeping bill that looks at subprime mortgages, the failure of the credit rating agencies, systemically important institutions, and credit cards. To try to avert this terrible circumstance, which led to the most significant threat to our democracy ”“ which was how people felt about the bailout ”“ from ever happening again, you will see that legislation passed in the Senate in the next two weeks or so.”
John Stewart, president and CEO of HYPERLINK “http://www.pharma.com” \t “_blank” Purdue Pharma and a director at the business council, said:
“All of us have a stake in the decisions that are made in Washington, D.C. Two years ago none of us recognized the significance of the legislative mandates and decisions that would be made over that time ”“ indeed they”™ve been remarkable whether you love or hate those decisions.”
“I am amply aware of the fact that this has been an excruciatingly anxious period of time for the business communities,” said Himes, who represents the state”™s 4th District in the House of Representatives and is a member of the Committee on Financial Services, which helped draft the bill. He is also on the Committee on Homeland Security.
“Whether you are Peter Hurst at The Community”™s Bank or GE Capital, you are dealing with legislative uncertainty, market issues, challenges that you have never seen before.”
Himes said the public”™s anger is directed at business owners and government officials alike.
“Quite often, they think that the government and the corporate sector have combined to make their lives miserable,” Himes said.
Supporting the business community, he said, supports and encourages job opportunity and growth.
Himes, who is in his first term, said he did not go to Congress to plug a leaking dam.
“I went to Congress because we are not configured as a country to win anymore,” he said. “We are eroding our chief competitive advantage as a nation, our innovative capacity.”
