Nunes who serves mostly rural areas of Fresno and Tulare counties wants more protection in the bill for the little guy who has his life's savings in the bank.
Nunes said, "Right now the limit on the FDIC is 100,000 dollars. I think we should take it up to 500,000 dollars. That would guarantee that 99.9 percent of the people in America and businesses would have a place to put their money that they would feel safe."
The valley's three other congressmen supported the bailout plan. North valley democratic congressman Dennis Cardoza was very disappointed the bill didn't pass.
He said, "The central valley is ground zero for the problem. My district, in particular, is where the financial meltdown of the mortgages really started."
Democratic congressman Jim Costa representing Fresno, Kings, and Kern counties also supported the bill to quote "avert a financial crisis that, in a worst case scenario, could turn our current recession into a deep depression."
Mariposa congressman George Radanovich also voted "yes." He said many of his fellow republicans voted "no" because they felt pressure from wall street executives to make a quick decision. Radanovich plans to call for a re-vote.
He said, "We're gonna push hard to get the same thing back and get re voted on."
Most representatives had planned to return to their home states to do some campaigning before the election in November. But house leaders say they will re-convene on Thursday to try and work out some kind of bailout plan.
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