September 25, 2008

Congressman Gregory Meeks lauds Bipartisan Counterproposal
to the Bush Administration's $700 billion Financial Rescue Plan
Taxpayers would be protected under the congressional version of the bailout

(WASHINGTON, DC)–Washington, DC: House and Senate Democrat agreed this afternoon to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again.

Working with Secretary Paulson and Congressional Republicans, Congressman Meeks and his colleagues, under the leadership of House Financial Services Chairman Barney Frank have helped craft a proposal that will help every American homeowner maintain value in their home by enacting more tools to prevent foreclosures, include rigorous and independent oversight and keep CEOs and Wall Street executives from bailing out with golden parachutes while their companies fail.

“I believe that the proposal will help American homeowners, my constituents in New York’s 6th Congressional District,” said Congressman Gregory W. Meeks.  “In conversations that I have had with House Leadership, the counterproposal will also curb executive pay packages at participating firms and provide transparency and oversight over the Treasury Department’s administration of the $700 billion dollar proposal,” said Rep. Meeks.

President Bush addressed the nation last evening and presented an assessment of the state of the economy and the urgent need for legislation to respond to the financial crisis. Democrats and Republicans from the House and Senate, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have been working together to improve the Bush Administration’s initial proposal to stabilize the financial markets. 

“As we work together to strengthen our economy, we will also continue to conduct vigorous oversight. I look forward to continuing to work with both chambers of Congress and the Administration on a plan to rescue our economy, and we will continue to work toward a plan that protects taxpayers and gets our economy back on track,” added Meeks.

 “Ultimately, this proposal is about what is good for America.  I believe that Democrats and Republicans share the goal of making the Bush Administration’s proposal more accountable to taxpayers and working in a bipartisan way, we have made real progress.”

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