Welcome to Independent Tribune Skip directly to: our Keyword Search, Section Navigation, Content.

independenttribune.com - Independent Tribune

HomeNewsEntertainmentSportsLifestylesOpinionCommunityWeather Online Tools Jobs | Real Estate | Shopping | Classified

Hayes votes against bailout bill

By Ben McNeely | Media General

Published: October 3, 2008

Updated: 10/03/2008 03:04 pm

The $700 billion bailout bill passed the House of Representatives, but U.S. Rep. Robin Hayes of Concord voted against the bill a second time.

Hayes said the bill still did not have enough taxpayer protections.

"This package has changed and changed for the better with the inclusion of the higher FDIC coverage and some tax cuts that will help spur investment," Hayes said in a statement. "However, the bill still contains a troubling provision that allows foreign-based banks or investment firms to have just as much access to U.S. tax dollars as American companies. Over the past few days, I sought to get this provision changed, but it hasn't."

Hayes also called out the Federal Deposit Insurance Corporation over its opposition over the Wachovia-Wells Fargo merger.

Earlier in the week, Citigroup made a bid for Wachovia, backed by the FDIC. But Friday morning, Wells Fargo announced it would purchase the Charlotte-based bank for $15.1 billion and without help from the FDIC.

Wachovia's board approved the deal with Wells Fargo. Both Citigroup and the FDIC have objected to it.

In a letter to FDIC chairwoman Sheila Bair, Hayes said he could not "understand why
the FDIC would stand in the way of Wachovia entering into an agreement that seems better for their employees, customers, shareholders and the communtiy around them."

"If the FDIC is going to push against that outcome, then we are ready to push them back – and it's going to be a hard push," Hayes said in a statement.