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Washington, D.C.— Today, Congressman Elijah E. Cummings, a member of the Joint Economic Committee, released the following statement in opposition to the federal bailout package for Wall Street:
“When I leave my home in Baltimore every morning to drive to D.C., I am struck by the disastrous effects of the last 8 years of Bush-McCain economic policy. Homes that were once occupied by families living the American Dream are now boarded up because of foreclosures. Neighborhoods are falling apart. Individuals are suffering at the gas pumps, at the grocery stores, and in line at the unemployment office.
“Now, we face the largest financial crisis since the Great Depression. There is no doubt that a strong federal response is necessary, but any response must contain strong oversight and accountability measures, assistance for the families who are in jeopardy of losing their homes due to predatory lending, and safeguards against golden parachutes for Wall Street executives. Congress simply cannot bail out Wall Street while at the same time bailing on Main Street.
“I do not believe that we have explored or exhausted all possible options to directly ease the pressure on financial markets without causing an undue burden to taxpayers. This legislation just does not provide enough relief and protection for the hardworking men and women who are trying to make ends meet.
“In addition to the acquisition of some of the financial system’s sound assets, any federal initiative should include federal capability to restructure mortgages for the men and women who are trying so desperately to keep their homes and salvage their families’ dreams. It must also include a substantial allocation toward initiatives that are proven to directly stimulate our economy—such as extended unemployment and food stamp benefits.
“I am deeply concerned that there is no requirement that Wall Street take responsibility for the mess it helped to create. There is no meaningful limitation on golden parachutes for executives—who are still making millions of dollars a month even as average Americans continue to struggle to stay afloat. I am concerned that the board created to oversee this bailout is not offered the power to stop any irresponsible or questionable action. I am concerned that there are no safeguards against taxpayers being overcharged to buy these assets—or any guarantees that they will profit from these investments in the future.
“While the federal government must act to keep our economy out of jeopardy, I am concerned that this proposal is lacking key provisions to protect taxpayers. Any measure we adopt must include strict oversight and safeguards against giving blank checks to corporate executives whose poor judgment has led us down this road, and that provides substantial relief to the millions of Americans who continue to suffer under the overbearing burden of our current economic state.”
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