Congress in Weekend Session to Address Financial Crisis

The United States House of Representatives is in session this weekend to consider legislation related to the financial crisis facing the country.  Congressman Todd Platts issued the following statement:

“I am opposed to the bail-out of Wall Street as originally proposed by Treasury Secretary Henry Paulson.  This plan—essentially a $700 billion blank check to help those who caused the financial crisis—was completely unacceptable.

“At the same time, if a meltdown in the financial sector spreads throughout the entire economy, Main Street will be hurt just as much as Wall Street.  For example, I recently spoke to a small business owner in the 19th Congressional District whose business would have to lay-off employees if it was unable to secure a routine line of credit it needed to stock inventory.  This business was not doing anything wrong—it was simply an innocent victim of the ripple effects of the irresponsible conduct on Wall Street. 

“Responsible action needs to be taken to help protect innocent retirees, families, and small businesses.  Any action taken must also seek to protect taxpayers’ hard-earned dollars.  There are many ideas currently being debated in the halls of Congress.  It remains unclear exactly what sort of proposal will eventually come before the full House for a vote.  Ultimately, I will properly consider any such legislative proposals with the aforementioned principles in mind.”