McKeon Statement on Paulson Plan to Rescue Financial Markets

Statement

McKeon Statement on Paulson Plan to Rescue Financial Markets

Earlier today, Rep. Howard P. "Buck" McKeon (R-Santa Clarita) held a telephone press conference for local media and issued the following statement regarding Treasury Secretary Henry Paulson's plan to rescue the financial markets:

"Congress is facing an extremely difficult situation with the financial markets. There's a perception that any fix would be rescuing Wall Street and the ‘bad actors' who put us in this position, but the truth is the problem has far surpassed that.

"As it stands now, people's life savings may not remain safe, banks have ceased lending, and consumer confidence is low. If our economy continues on its current path, it could enter a full-scale collapse and that's what makes this so difficult. It's time to get away from politics and posturing.

"What shape Congressional action will take is still unclear, but without action, Americans run a far greater risk of long-term economic insecurity."

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