Oct. 3, 2008 - Markey Maintains Support for Financial Rescue Package, Cites Credit Freeze on Main St
WASHINGTON, D.C. – Representative Edward J. Markey (D-MA), released the following statement on legislation to provide emergency assistance to stabilize our economy which is before the House today:
"Our
country is facing an economic downturn as serious as any that has ever faced
this nation. And while nobody thinks
this the rescue package before us today is a perfect solution, 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. Without decisive action now,
employers could be forced to cut their payrolls, putting more Americans
out of work.
"From Framingham to
Revere, my
congressional district is experiencing a credit crisis.I have been talking to constituents, local
real estate agents and local bank representatives who have all shared their own
concerns about the uncertainties facing their own economic circumstances..Home values are down, foreclosures are rising
and although there are many prospective buyers, the credit freeze is paralyzing
our local market.
"The
financial rescue package will help families buy homes and cars they can afford
and finance their children's education once again. This bill will also help
boost the economies on Main
Street in Malden,
Medford, Melrose and all of the communities I
represent.
"When the Bush
administration first presented its plan to Congress, it was a blank check
without the necessary safeguards to protect taxpayers from billions of dollars
in losses. But after round-the-clock negotiations, the final legislation
includes essential taxpayer protections and requires tough independent oversight
and transparency.
"This vote is
necessary but it is not the end - we must come back next year and work on
reasserting oversight over the markets to ensure that we are never in this
unfortunate situation again."