Washington, DC – Congresswoman Susan Davis released the following statement on the on the effort in Congress to stabilize the financial markets.

“This crisis is proof that the conservative’s hands-off approach to the financial markets simply does not work.

“Congress is working quickly and carefully on bipartisan legislative solutions to insulate Main Street from Wall Street’s mistakes, and to ensure such crises are prevented in the future.

“A rescue plan should be about protecting average Americans from this crisis and not shielding Wall Street from its excess, and it should include help for homeowners in danger of foreclosure.

“The Bush Plan came to Congress dead on arrival because it does not have oversight.  Before Congress hands over $700 billion in taxpayer dollars, there needs to be a strong system of oversight, a line of communication between Congress and those implementing the rescue plan, and a means to allow taxpayers to be paid back for this emergency measure.

“We must also be sure taxpayers are not providing golden parachutes for CEOs.

“For the long term, there needs to be a greater regulatory structure and oversight in place to monitor the markets in the future to make sure this never happens again.”