Sep. 29, 2008 - Markey Calls Financial Rescue Plan a Regrettable but Necessary Step
WASHINGTON, D.C. – Representative Edward J. Markey (D-Malden), released the following statement on legislation to provide emergency assistance to stabilize our economy which was defeated by the House today:
"Nobody wanted to be in this situation. Nobody thought
the bill before the House today was a perfect solution. But after careful
consideration, I decided to support this bill because I believe that a failure
to act now would not just punish Wall Street, but put hard-working Americans at
risk of losing their homes, their jobs and their
savings.
"The
unfortunate truth is that when the markets go up, Wall Street cleans up,
and when the markets go down, Main
Street gets cleaned out. Unlike the blank check that
the Bush administration originally requested, the bill negotiated by Chairman
Barney Frank protected taxpayers, prevented golden parachutes and limited
excessive CEO compensation, helped prevent home foreclosures,and provided strong independent oversight and
transparency.
"Not just Main Street but the whole world is looking
to us now. Our very system of capitalism is under assault. I hope we can come
together to find a final solution. This bill failed today because a majority of
Republican members voted against their own leadership, against their own president,
against their own Treasury Secretary and against their own Fed
Chairman."