Harman says Congress “turned its back on Main Street”

Posted by Lisa on December 11, 2009 · View Comments 

PRESS RELEASE

2400 Rayburn Building, Washington, DC 20515                                                        http://www.house.gov/harman

FOR IMMEDIATE RELEASE                                                                                      Contact: Eben Kaplan

December 10, 2009                                                                                                                      (202) 226-7282

HARMAN VOTES AGAINST RULE TO BRING REGULATORY REFORM BILL TO HOUSE FLOOR, PROTESTING ABANDONMENT OF INDYMAC INVESTORS

~ Lawmaker says Congress “turned its back on Main Street” ~

Washington, DC – Congresswoman Jane Harman (D-Venice) today voted “no” in a procedural rule vote to bring the Wall Street Reform and Consumer Protection Act (H.R. 4173) under consideration by the House.  Her vote was a protest against the exclusion by the Rules Committee of her amendment to make whole 8,700 former IndyMac Bank customers who lost millions in deposits when the bank collapsed in July of last year.  Harman’s proposal—presented as an amendment to H.R. 4173—would have used Consumer Financial Protection Agency funds to extend the FDIC safety net to investors who lost deposits in excess of $100,000 but below the new FDIC limit of $250,000.

IndyMac was the largest savings and loan association in the Los Angeles area and the seventh largest mortgage originator in the U.S.  The bank’s failure on July 11, 2008 was the fourth largest in U.S. history and the second largest of a regulated savings and loan association.

“Congress has spent hundreds of billions of dollars to bail out Detroit and Wall Street, but today turned its back on Main Street,” said Harman. “My amendment to make IndyMac depositors whole would have cost pennies in comparison, and would have helped thousands of Americans, including hundreds in the South Bay, make mortgage payments, send their kids to school or enjoy a secure retirement.”

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______________

Eben Kaplan

Communications Director

Congresswoman Jane Harman

Washington, DC 20515

202-226-7282 (Direct)

202-713-6510 (Mobile)

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About Lisa

  • coasting
    Thank you for the protest vote Congresswoman Jane Harman! I hope you'll continue to fight for us!
  • Bob Hager
    The amendment to make Indymac depositors whole apparently does not extend to those having IRAs. I had an IRA at IMB but unfortunately I exceeded the insured limit of 250K. I was going to remove all funds in excess of 250K and talked to IMB representatives about doing so: Kirt Wells and Barbara Perez on the 10th of July 2008... Perez waived the early withdrawal penalty.. $6,000 .. Unfortunately there was not enough time to process the paper work for the withdrawal.. I was in Minnesota and the time to mail and process the forms would have taken over a week..... Had I known that the take over was the following day I would have hopped on an airplane and gotten in line at IMB to get my money..

    Bob Hager
  • Bob Hager
    The amendment to make Indymac depositors whole apparently does not extend to those having IRAs. I had an IRA at IMB but unfortunately I exceeded the insured limit of 250K. I was going to remove all funds in excess of 250K and talked to IMB representatives about doing so: Kirt Wells and Barbara Perez on the 10th of July 2008... Perez waived the early withdrawal penalty.. $6,000 .. Unfortunately there was not enough time to process the paper work for the withdrawal.. I was in Minnesota and the time to mail and process the forms would have taken over a week..... Had I known that the take over was the following day I would have hopped on an airplane and gotten in line at IMB to get my money..

    Bob Hager
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