Congressman Steve Kagen (D-Appleton) has been meeting with labor, civic, financial and business leaders in economic meetings in Appleton, Marinette and Green Bay. He says the constituents all agree the $700 billion financial rescue plan, which Kagen opposed, did not address what's needed to jump start the economy. He says proper investment of infrastructure using tax dollars is needed, the result would be high paying jobs.
To fix our credit crunch, the Appleton Democrat says it was vital for the FDIC deposit insurance to be raised last week from $100,000 to $250,000 per depositor. He also supports a proposal by former FDIC Chairman Bill Isaac to change the "mark to market rule" that currently exists. Isaac's idea has not been implemented.
In a move to restore confidence, the Treasury Department is considering partially nationalizing the US banking system by taking ownership stakes in certain banks.