The House voted 263-171 to pass the economic rescue plan approved by the Senate earlier this week. The measure now heads to the White House for President George W. Bush’s signature.
The final legislation combines the $700 billion rescue bill, an increase in the FDIC cap from $100,000 to $250,000, and a popular tax extenders package. Additional analysis of the rescue plan will be provided in a forthcoming Washington Report.
As the last week’s events relate to the advanced markets, the vice presidential debate last night proved there will be continued scrutiny on executive compensation. Additionally, the drops in the stock market have affected pension funds, 401(k) plans and IRAs.
To bring you additional insight on the issues, AALU is hosting a complimentary teleseminar Tuesday, October 14, from 10-11:30 am EST. I will moderate a panel of AALU’s top Washington experts including: Ken Kies, Steve Ricchetti, and Marc Cadin. The dial in information is 1-866-710-0179 and the pass code is 807206.
Thank you,
David J. Stertzer, FLMI
AALU CEO
AALU encourages you to participate in this discussion; however, comments that include unlawful, threatening, libelous, or obscene content will not be allowed. For this reason, please note that all comments are moderated and may be deleted.
David,
I’ve said this to you privately and now in public. Their are two Ds on the Legislative Circle list who have now voted against the Bailout package twice. This is unbelievable.
As Senator Reid indicated 24 or so hours ago, there is a MAJOR LIFE INSURANCE COMPANY on the verge of going under. I think most of us know the problem child. Don’t know if it will make it; however, I do know it wouldn’t have had the House not followed the Senate.
Can’t believe AALU should continue to support these two Ds
Mike
David (and Mike),
Sorry, but I haven’t been able to figure out which Life Ins. Co. is on the ropes. Now that it doesn’t matter (with the bailout bill signed into law), can anyone help me with a name?
Harry
Harry,
If you look at what happened this AM in the market, yoiu will know the members of this unfortunate club.
Mike
Mike and Harry,
I am the Director of Policy and Public Affairs at AALU. You raise an issue that everyone in the insurance community is working through. The specific financials of the insurance companies are not public record and therefore AALU will not speculate.
What we are doing is working to provide you with factual updates through the President’s messages and CEO updates. We are also working to understand how the financial crisis is affecting the investments and asset reserves that the state regulators mandate.
These are unprecedented times and working hard to get you the most up-to-date factual information.
Thank you very much for your questions and participation in this important dialogue.
Kind Regards,
Sarah Spear