Hagan Challenges Dole to Oppose Blank Check Bailout Proposal That Puts Wall Street ahead of Main Street
Press Release
Hagan Challenges Dole to Oppose Blank Check Bailout Proposal That Puts Wall Street ahead of Main Street
Calling for greater accountability and oversight on behalf of American taxpayers in any bailout proposal that is ultimately passed, State Senator and U.S. Senate Candidate Kay Hagan (D-Guilford) challenged Senator Elizabeth Dole to oppose any blank check proposal that puts Wall Street before Main Street, and leaves working families to pay the ultimate price for this mess.
"It's outrageous that this Administration - in cooperation with Senators like Elizabeth Dole - allowed us to get to this place to begin with," said Kay. "Congress cannot give the Bush Administration, or the corporate CEOs, a blank-check to fix a financial situation they put themselves in when they encouraged oversight and accountability to be shelved for padded profits and inflated investments. Elizabeth Dole must oppose any proposal that puts Wall Street ahead of Main Street and ultimately allows this special interest economy to continue. She shirked her responsibilities and rubberstamped Bush's failed economic policies when she remained silent in over 60 Banking Committee meetings. It's time she took seriously her position on this committee and the U.S. Senate seat she was elected to."
Specifically, Kay called on Dole to oppose any bailout package which does not include:
Strong, independent oversight of the bailout program
Limits on the compensation packages for the CEOs
Mechanisms to keep people in their homes and reduce the foreclosures that are at the root of the crisis
Protections to minimize taxpayer risk and make sure taxpayers get more for their money than just bad debts at high prices
Last week, the Associated Press reported that Elizabeth Dole "wants to use her seat on the Senate committee that oversees the nation's banking industry to examine the causes and implications of turmoil in U.S. financial markets" even though she had been silent for over 60 Banking Committee meetings. Three days later, last Thursday, Dole was again silent at a Banking Subcommittee Hearing looking into the transparency in accounting for financial firms.
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