Massa Emphasizes his Position on Bailout Legislation...

Press Release

Massa Emphasizes his Position on Bailout Legislation ...

As the Senate prepares to debate, retired Navy Commander weighs in

Retired Navy Commander and Congressional challenger in New York's 29th District laid out his position on the bailout bill:

"Let me be very clear, I did not support the bill the Bush Administration brought to Congress, I did not support the bill the House voted on Monday afternoon, and I could not support the bill the Senate is working on today as it is currently written. I will only support a bill which creates an independent, non-partisan oversight committee like the Resolution Trust Corporation."

Massa on why he does not support the bill:

"I would not support any bill that puts nearly $1 trillion into the hands of any one person, especially an unsuccessful Treasury Secretary. I will only support a bill that includes accountability and transparency. If we rush to pass an emergency bill demanded by the President, the economic impact would be far worse than taking time to get it right."

On September 22nd, Eric Massa released a plan to stabilize the market and protect taxpayers. Its main points include:

1. No taxpayer funded golden parachutes for CEOs.

2. Requiring that any company that receives bailout money returns a portion of future profits to the American taxpayer.

3. Regulation of Financial derivatives.

4. Requiring that banks maintain a 25% stake in all loans they make.

5. Increasing the penalties for mortgage fraud and creating a national licensing system for mortgage lenders.

6. Reinstating the uptick rule.

7. Creating a Resolution Trust Corporation with independent non-partisan leadership outside of the Treasury department to direct the spending.

You can read the entire plan online at: http://massaforcongress.com/eric_massa_finance_plan.pdf

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