Centrist Republicans Make the Difference in Passing the Emergency Economic Stabilization Act

Statement of Former U.S. Rep. Charles F. Bass, President of RMSP

Contact: Chris Barron
(202) 286-4533

Statement of Former U.S. Rep. Charles F. Bass, President of RMSP – “Today, centrist Republicans put aside election year politics and put the American people first. Thanks to centrist Republicans, legislation is headed to the President’s desk that will provide stability to our financial markets and will jump start our economy.”

(Washington, D.C.) – Today, the Republican Main Street Partnership, the largest organization of elected centrists in the country, praised its members for making the difference in passing the Emergency Economic Stabilization Act. “Today, centrist Republicans put aside election year politics and put the American people first,” said former U.S. Rep. Charles F. Bass, President and CEO of Main Street. “Thanks to centrist Republicans, legislation is headed to the President’s desk that will provide stability to our financial markets and will jump start our economy.”

Seven of Main Street’s House members voted in favor of the Emergency Economic Stabilization Act who didn’t vote for the bill that failed in the House on Monday. These members were: Rep. Judy Biggert (R-IL), Rep. Charlie Dent (R-PA), Rep. Rodney Frelinghuysen (R-NJ), Rep. Jim Gerlach (R-PA), Rep. Joe Knollenberg (R-MI), Rep. Randy Kuhl (R-NY), Rep. Jim Ramstad (R-MN), Rep. Pat Tiberi (R-OH), and Rep. Jerry Weller (R-IL). A total of 32 of Main Street’s House members supported this legislation. Earlier in the week, all 6 of Main Street’s Senate members voted in support of the legislation.

“This bill is a significant improvement over the bill that failed in the House on Monday,” said former U.S. Rep. Amo Houghton (R-NY), Chairman of the Board of the Republican Main Street Partnership. Houghton is also the former Chairman and Chief Executive Officer of Corning, a Fortune 500 company.

Houghton pointed out that the bill passed by the House today includes a package of critical tax extenders that were not in the version of the legislation that failed earlier this week. “The inclusion of the tax extenders is important – not just to Wall Street but to Main Street America,” said Houghton.

Included in the package of tax extenders is an extension of the already lapsed Research and Development (R&D) tax credit that enjoys wide bipartisan support.

“The R&D tax credit, first created more than 25 years ago, spurs innovation, economic growth and the creation of high-paying jobs here in the U.S. The extension of this crucial tax credit, which expired at the end of 2007, is critical to the long term health of the American economy,” continued Houghton. “No matter who wins the Presidency in November, the House and Senate must move swiftly next year to pass a permanent R&D tax credit to ensure it is never allowed to lapse again.”

“Today, centrist House Republicans do what they do so often – they put politics aside and focused on delivering real results to their constituents. If we are going to restore the American people’s faith in Washington we need more elected officials who are willing to reach across party lines and put the people of this country first,” concluded Bass.

The Republican Main Street Partnership (RMSP) is dedicated to promoting and building a pragmatic, thoughtful, fiscally conservative, and inclusive “Governing Majority,” where political debate is encouraged to promote solutions to improve the lives of all Americans. Embracing the full spectrum of center-right ideologies and values in order to build coalitions, RMSP is the largest organization of elected leaders who are in the mold of Abraham Lincoln, Teddy Roosevelt, and Ronald Reagan. For more information on RMSP, visit our website at www.republicanmainstreet.org.