New York City – Representative Anthony Weiner (D – Brooklyn and Queens), a member of the House Commerce Committee, released the following statement today regarding the new federal plan to restore confidence to the financial markets:
“The ‘blank check’ approach of the Bush Administration was simply unacceptable, especially given that the deregulatory zeal of this Administration had led to the problems in the first place. The final plan was improved in key ways:
*Taxpayers Are Protected. When assets are purchased by the Treasury Department under this plan, the taxpayers – not shareholders or executives – will be eligible for the gains. And language was included that specified that if there are losses after 5 years then the financial firms would have to make up the difference. The bill also provides new tax credits for middle class families, small businesses, and to make our country more energy independent.
*Strict Oversight and no Blank Checks. Three separate new boards will be charged with overseeing the new spending and all moves by the Treasury would be required to be posted on the internet at the time of the transaction. This transparency, combined with tough anti conflicts of interest language will protect the taxpayer from insider dealing.
*New Limits on “Golden Parachutes” for Failed CEOs and Executives. To make sure that there are not more infuriating headlines about outrageous pay packages for executives who oversaw dismal results for their companies, the rescue package includes language to prevent these types of deals when tax dollars are involved.
*Help to Prevent Home Foreclosures. While the plan doesn’t guarantee that no one will see their home foreclosed upon, the measure will lead to the federal government controlling the mortgages and thus make it possible for more “work outs” that will reduce the stress on all our neighborhoods.
“Let’s face it: this was a mess that was brought upon us by a combination of lack of regulation by the Bush Administration; greed and foolishness by too many in the financial services community and the carelessness of too many consumers.”
“The middle class and those struggling to make it face a series of looming challenge – from home foreclosures to We need to lean into this problems to keep New York City the capital of the middle class.”
(YWN Desk – NYC)
Join the official YWN WhatsApp status
6 Responses
Mr. Weiner is happiest in front of a camera.
No responsible congressperson can blame the Bush administration without placing at least part of the blame on the Democratic Congress as well. All politics.
what democrats like him fail to understand is that this didn’t begin 8 years ago, it began in the early 90’s under Clinton, Every American, Every Home agenda. Bush is only to blame for not doing anything (or enough depending on who you ask) to stop these terrible Democratic policies.
He Is an idiot. The Clinton Adminstration was in charge when Fannie and Freddie were given the green light to start buying up all thes bad loans. He sounds no different than the even bigger idiot Nancy Pelosi with all his finger pointing. The problem will be with us as long as there is all the bickering between the Democrats and Republicans, and probabaly longer still.
It’s amazing how they always look to bash our great President. Last I looked it was Pelosi’s plan too. No mention of that from the “WEINER”. And Rangel just sickens me.
Once again partisan politics at play. If they were really upset about Bush’s plan, why was the original plan voted yes by the Democrats and no by the Republicans?