NORWICH – Chenango County’s most prominent bank and leading corporate citizen supports the federal government’s proposed bailout of Wall Street’s investment banking industry.

Prior to the United States Senate’s approval last evening of the now $800 billion plus infusion, NBT Bank, N.A. President and Chief Operating Officer Martin A. Dietrich said he was in favor of it. Some type of package is necessary, he said, in order to keep the nation’s economy from slipping into a deep recession.

“If not remedied, it will spill over Main Street, and then we are looking at a very deep and prolonged weakness in the economy,” Dietrich said. “It’s absolutely critical. No one wants a bailout, but it’s what the credit markets need right now.”

The banking executive participated in a conference call yesterday afternoon with New York Senator Hillary Clinton. He said the senator hoped to garner support for the bailout from the state’s corporate leaders who were invited to participate in the conference.

“There’s a lot of political fever going on right now,” Dietrich said.

The Senate’s version of the original $700 billion bailout bill now proceeds onto the House of Representatives which will attempt, for a second time, to pass it. House Republicans and Democrats couldn’t agree about the measure’s provisions on Monday, and sent the Dow Jones Industrial Average on a dive down 777.68 points, or 7 percent.