The turmoil in our nation’s economy has reached new heights in recent weeks with the collapse of major financial institutions and the subsequent tightening of available credit. While it is Wall Street that has taken the immediate hit, the consequential threat to the overall economy and individuals is very real.
Rep. Hoyer speaks on the financial rescue plan Thursday after a meeting at the White House.
Since becoming evident that this crisis would require immediate action, the Administration has put forward a plan that will enable the government to purchase illiquid assets clogging up the financial system. The hope is that the rescue will allow frozen credit markets to thaw and help families keep their homes in the process.
While we are focused on a response that will stabilize the financial markets and rescue our economy, Congress has made clear that we will not simply hand over a $700 billion blank check to Wall Street and hope for the best. With Republicans and the Bush Administration, Democrats have worked to significantly improve the proposal and protect the taxpayers’ interests.
We want to ensure the package will include rigorous and independent oversight and accountability; keep CEOs and Wall Street executives from bailing out with golden parachutes; help American homeowners maintain value in their homes; and provide equity for the American taxpayer.
Congress will continue working around the clock until we have a bipartisan solution that will help all Americans by putting our economy back on the road to recovery. As always, thank you for allowing me to share this update with you. If there is anything you wish to bring to my attention, please do not hesitate to contact my office.
Steny H. Hoyer
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