Press Releases

"We are facing the greatest financial crisis since the Great Depression. After years of Bush Administration regulators failing to use their authority to rein in bad lenders and poor financial practices, the markets are saddled with billions in bad debt that threaten to sink our financial system and put our economy in serious trouble.

I have spoken today with Secretary Paulson and Federal Reserve Chairman Bernanke. It is clear that additional relief to shore up mortgage backed securities may be necessary to prevent a systemic failure in the banking system that would put every American’s savings, investments and retirement security in jeopardy. While this type of intervention may be necessary, what I will not do is to support putting billions of our tax dollars on the line without proper oversight and additional regulation. This intervention must not be used to give golden parachutes to Wall Street executives who made bad decisions. And, any package must include relief to middle class families who are struggling to pay their mortgage, and who may feel additional financial pressure during this difficult economic time.

Congress needs to take bipartisan action to address this crisis — and this action must include increased regulation and oversight over both the financial institutions and the federal regulators that failed to use their authority to restrain the reckless practices on Wall Street. America must come together to solve this crisis."

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