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Guest opinion: Put political ambitions aside; pass federal rescue package

2 min read

The United States House of Representatives will vote on a massive infusion of capital into our financial markets. It is my hope that our representatives will put our country and our economy above personal political ambitions and pass this needed legislation. This is an investment by the American people in our own economy and our future. This investment is essential to enable our banking system to provide needed capital to our businesses and individuals. The negative impact to our standard of living and our economy for failure to act is enormous.

The negative vote by the House of Representatives on Sept. 26 resulted in the loss of over $1.4 trillion in stock market equity. That means that all of us in southwest Florida saw our savings and retirement benefits shrink and our standard of living reduced. Similar losses can be expected if Congress fails to act.

Proper safeguards and appropriate new regulation of the financial markets will prevent future abuses. This investment will jump start the economy and will prove to be a profitable investment for American taxpayers. The thousands of southwest Florida homeowners facing foreclosure will have an opportunity to keep their homes. Banks will again provide capital to businesses and individuals seeking to purchase equipment and homes.

I supported the original plan, and I support the new proposal that includes significant tax relief and alternative energy incentives. I urge you to contact our Congressman and seek passage of this critical legislation.

— State Sen. Burt L. Saunders represents District 37. He is a candidate for Congress.