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Significant Protections for Taxpayers Secured In Improved Economic Rescue Plan

Press Release

Location: Washington, DC

"The bill considered today by the House was improved from its original proposal, providing significant protections for taxpayers.

"It created a federal insurance program to force Wall Street to share the burden. It allowed for the investment of up to $700 billion of taxpayer money as needed in stages, and Americans would have seen a return on that investment.

"It ensured taxpayers will be first in line to recoup any losses and eliminated golden parachutes and severance pay from participating financial institutions.

"Further, the bill enacted a number of bipartisan oversight and accountability standards as the plan is carried out and provided needed protections for community banks across the country that invested in mortgage assets.

"Without action, the crisis affecting our nation's credit markets could impact every family and every business, from the ability to obtain credit to job security to the solvency of retirement investments.

"I am disappointed the House failed to act today. I fear our inaction will make a bad problem worse.

"Hopefully Congressional leaders will work with the Administration to craft a rescue plan that can muster the support of a bipartisan majority.

"Since the root of this fiscal mess lies in housing credit and many felt this legislation didn't help middle class Americans, subsequent efforts should include mortgage relief. For instance, the federal government could consider buying down rates on adjustable rate mortgages set to go up, allowing families who have been able to make existing payments stay in their homes."

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