Community Bankers Association of Illinois

CBAI ACTION ALERT-- SENATE PASSES RESCUE BILL; HOUSE TO VOTE ON FRIDAY

The U. S. Senate approved the financial rescue bill last night by a vote of 74-25. Senators Durbin and Obama voted for the bill. The U. S. House is now expected to act on the measure (H.R. 1424) tomorrow.

The bill addresses key Main Street priorities:

    • Increases FDIC insurance limit from $100,000 to $250,000 through December 31, 2009;
    • Ensures that community banks will have access to the Troubled Assets Relief Program (TARP) to purchase problem mortgage assets;
    • Allows community banks to take capital losses against ordinary income for Fannie Mae and Freddie Mac preferred share losses;
    • Authorizes the SEC to suspend mark-to-market accounting rules;
    • Allows TARP to assist community banks that suffered the most serious impact to capital as a result of losses on GSE preferred stock;
    • Prohibits the Treasury from establishing future guarantee programs for money market mutual funds; and
    • Allows the Fed to pay interest on bank sterile reserves beginning October 1, 2008 (three years earlier than previously permitted).
CBAI encourages you to contact your U.S. Representative today to urge his or her support for H.R. 1424 if you haven’t done so already.

Here are two ways you can communicate your position to your Representative:

1) Call the House switchboard at 202/225-3121 and ask for your Representative’s office; or

2) Use CBAI’s Legislative Action Center to send a letter by e-mail (Click Here).

Talking Points are also available for your reference. Thanks for your involvement in the grassroots lobbying process!

Sincerely,

Bob Wingert
CBAI President
  800.736.2224 (IL) | 217.529.2265  
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