Rep. Loebsack Calls for Swift Action to Protect the Economy

Press Release

Congressman Dave Loebsack (IA-02) released the following statement as Congress and President Bush work to draft an acceptable economic stabilization plan amid growing uncertainty in our financial markets.

"Over the past 24 hours we have seen a massive sell-off in markets around the world; in fact it is estimated the U.S. financial market lost $1.2 trillion yesterday. This hurts our entire country - it hurts workers who are saving for retirement, students who want to take out loans to attend college, and small business owners who sometimes need to borrow money from the bank to meet payroll demands. We all know that if a company can't make payroll, it means workers are going to see layoffs…and no one wants that.

"I have encouraged members of the House Leadership to go back to the negotiating table to develop a new economic stabilization plan. We must work together - Democrats and Republicans - and develop an acceptable plan that can stabilize the markets, protect taxpayers, prevent a greater economic crisis, and encourage growth in our local economies. This proposal should build on the previous compromise to further protect the savings of hardworking families, increase safeguards on the use of taxpayer money, and punish Wall Street CEOs for their failures.

"Our country is facing an uncertain economic future. Now is the time for leadership. The leaders in our country cannot sit idly by while people lose their savings, including their retirement accounts. I call on my colleagues in Congress to come together, put aside partisanship, and act in the best interest of their constituents and our country.

"The bottom line is that we must act soon. We must protect families, workers, and small businesses from this expanding crisis. I fear what may happen to our economy, both locally and nationally, if Congress fails to act."

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