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Inouye Comments on Our Economic Crisis

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Date:
Location: Washington, DC


INOUYE COMMENTS ON OUR ECONOMIC CRISIS

U.S. Senator Daniel K. Inouye today issued the following statement on our economic crisis:

"It is important that we move as quickly as possible to stabilize our financial markets. We need to ensure that whatever plan is put into place, it must have sufficient and appropriate safeguards to protect taxpayers, and not just financial institutions. I am concerned about working families and couples on the verge of retirement. It would not be fair if the administration's proposed bailout only makes whole those financial institutions and executives that took unnecessary risks.

"The plan we undertake must not only be fair, it must be transparent. It must include regulatory reforms to prevent another such financial meltdown. It must not be open-ended because already the price tag on the administration's plan - some $700 billion - is staggering.

"In the next several days, the Senate majority - led by its leadership and the Senate Banking Committee - will be looking forward to receiving other options to the administration's proposal. We will be looking to craft a plan that offers fairness, transparency, and greater accountability."


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