Sali: Micron job losses, stock market plunge require immediate attention by Congress

Sali: Micron job losses, stock market plunge require immediate attention by Congress

COEUR D’ALENE, Idaho -- Congressman Bill Sali today said Congress should return to work right away and pass legislation that will really help the economy and restore confidence in the credit and stock markets.

“Idaho and the rest of our country are in the middle of very rough economic times. The announcement by Micron that it will cut its workforce is evidence of that. The stock market freefall is evidence of that. My staff has already been in touch with Micron officials to discuss what we can do to help the company and its employees to weather the storm.

“Clearly the Micron job losses and today’s continued global stock selloff are evidence that the $700 billion bailout passed by Congress is not the right medicine to solve our economic problems. What I want is for Congress to reconvene right away and take up legislation that will actually help solve the problem. There are plenty of good ideas that Congress refused to look at before leaving town last week. Those ideas deserve a full consideration as soon as possible. The time for action is now,” said Sali.

Sali is the author and co-sponsor of bills pending in Congress that would provide new solutions to our current economic crisis. Sali introduced HR 7269, which would shield investors who buy troubled assets from paying taxes on those assets. The bill says those assets would have to be purchased before Jan. 1, 2009, encouraging investors buy those mortgages and mortgage-related securities and to hold onto those investments to for at least a year.

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