WASHINGTON, D.C. – Congresswoman Lois Capps released the following statement regarding the economic crisis:

“I am somewhat encouraged by the progress that has been made over the last several days to address the impending financial market emergency.  Our economy is facing a crisis of massive proportions and it is important we work together in a bipartisan fashion to address it.

“The proposal originally offered by President Bush and Secretary Paulson was completely unacceptable.  It essentially asked the Congress to provide the Administration with a blank check for $700 billion.  The Administration wanted no oversight of how the money would be allocated.  It rejected calls to limit CEO pay in companies that would be bailed out by taxpayers.  It offered no help to the growing number of Americans facing foreclosure or the millions of Americans whose housing values would be affected by those foreclosures.  And it made no provisions to ensure that taxpayers would benefit as much as the Wall Street firms getting this federal assistance. 

“The bipartisan framework announced by Congressional leaders today appears to make great progress addressing all these important issues.  While I am optimistic that this progress will be reflected in the final agreement, I am reserving judgment until I see more details.  The amount of taxpayer dollars at risk here are enormous and I remain deeply concerned that every possible step be taken to ensure that these actions benefit Main Street more than Wall Street.”

###

Pictured above: (center) Congresswoman Capps meets with Central Coast firefighters to discuss emergency preparedness.