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Statement in Response to President Bush's Address on Turmoil in the Financial Markets


Location: Washington, DC

Statement in Response to President Bush's Address on Turmoil in the Financial Markets

U.S. Representative Tom Allen, a senior member of the House Budget Committee, issued the statement below today in response to President Bush's address concerning the turmoil in financial markets.

"I agree with the President that our paramount responsibility in this unprecedented time of economic uncertainty is to protect the economic security of the hardworking families and small businesses across Maine and America. We must reach a bipartisan agreement to take bold but carefully considered action to restore confidence and stability to the financial markets. I am working to ensure that we do not saddle taxpayers with responsibility for the mistakes and greed of market speculators. I also insist upon rigorous, effective oversight and accountability. I will not support any use of taxpayer funds for ‘golden parachutes' to executives of firms seeking government support. Ultimately, we must put safeguards in place to ensure this never happens again.

"Maine people are justifiably anxious about the threats this financial chaos poses to their savings, their children's future and their retirement security. I share their outrage that this Administration and its supporters in Congress failed to prevent this foreseeable crisis and punish those responsible. I appreciate their anger and their opposition to using their tax dollars to bailout the executives of corporations who profited from the lax oversight of the past eight years. We can, we must have new leadership that will enforce existing regulations and propose additional measures to protect the interests of working Americans."

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