WASHINGTON, D.C. – Congress is considering President Bush’s proposal for a $700 billion bailout of the financial markets by the government.

Congresswoman Nancy Boyda (Kansas Second District) issued the following statement on the proposal:

“It’s obvious that the New York markets are in turmoil. President Bush has proposed a $700 billion bailout plan to fix that. I agree with him that government has a role in keeping markets running smoothly, but it appears that’s about all we agree on.

“President Bush is asking Congress for sweeping new power with no judicial review, no effective oversight, and no real limit on the money that can be spent. He’s trying to ram it through with little debate by sowing fear and anxiety. I don’t like those tactics, and I don’t like his proposal.

“If President Bush thinks that Wall Street really needs $700 billion in taxpayer dollars, then he should come before the American people to ask for it and tell them how he plans to pay for it. If he will not do that, I will work with my colleagues to develop a plan that achieves five basic goals:

· Minimizes expense and maximizes profit for the taxpayer
· Restoring the availability of credit to business and consumers
· Protecting our responsible community banks who avoided the mess
· Enacting regulations to prevent this from happening again
· Preventing those responsible for the mess from profiting in the rescue

“We can’t pay for every bad decision that anyone ever made in this country. Our goal should be the best deal for the taxpayer that gets the markets running again. I think Bush’s plan fails on both counts. It takes from the taxpayer for Wall Street’s benefit, but it doesn’t provide the capital the banks need to get this country moving again.”