Klobuchar to Bernanke: Middle Class Shouldn't Bear Brunt of Wall Street Bailout

Press Release

Klobuchar to Bernanke: Middle Class Shouldn't Bear Brunt of Wall Street Bailout

Says Burden Has Been on Middle Class for Far Too Long

U.S. Senator Amy Klobuchar raised concerns about the impact of bailing out Wall Street on the nation's debt while questioning Federal Reserve Chairman Ben Bernanke today at a hearing of the Joint Economic Committee. Senator Klobuchar asked Chairman Bernanke about the implications of increasing the load on already debt-laden families across America and explored alternative methods to pay for the bailout.

"The Administration has allowed Wall Street to operate like a casino and unfortunately Chairman Bernanke and Secretary Paulson have been called in as the house managers in the eleventh hour to shut it down," said Klobuchar. "As we look at restructuring the proposal to include needed long-term regulations we also need to minimize risks to the taxpayer."

Noting that the wages of the middle class have decreased while their expenses have increased over the last eight years, Klobuchar asked Chairman Bernanke whether money for the bailout could be collected using a charge on Wall Street to reduce the burden on the middle class.

In additional questioning, Klobuchar asked about the feasibility of capping executive pay, saying that there must be limits when using taxpayer money. She has also advocated for authorizing less money and changing the Bush plan to include much more thorough oversight.

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