Rep. Markey Maintains Support for Financial Bailout

Representative Edward J. Markey (D-Malden) released the following statement on his vote of support for the financial rescue plan that was passed by the Senate and the House of Representatives and signed into law by President Bush on Friday:

Story Updated 3:32PM, Friday, October 3, 2008

“Our country is facing an economic downturn as serious as any that has ever faced this nation. And while nobody thinks this the rescue package before us today is a perfect solution, a failure to act now would not just punish Wall Street, but put hard-working Americans at risk of losing their homes, their jobs and their savings. Without decisive action now, employers could be forced to cut their payrolls, putting more Americans out of work.

From Framingham to Revere , my congressional district is experiencing a credit crisis. I have been talking to constituents, local real estate agents and local bank representatives who have all shared their own concerns about the uncertainties facing their own economic circumstances.. Home values are down, foreclosures are rising and although there are many prospective buyers, the credit freeze is paralyzing our local market.

The financial rescue package will help families buy homes and cars they can afford and finance their children’s education once again. This bill will also help boost the economies on Main Street in Malden , Medford , Melrose and all of the communities I represent.

When the Bush administration first presented its plan to Congress, it was a blank check without the necessary safeguards to protect taxpayers from billions of dollars in losses. But after round-the-clock negotiations, the final legislation includes essential taxpayer protections and requires tough independent oversight and transparency.

This vote is necessary but it is not the end – we must come back next year and work on reasserting oversight over the markets to ensure that we are never in this unfortunate situation again.”

Rep. Markey released the following statement on defeated legislation to provide emergency assistance to stabilize the economy on Tuesday, September 29:

“Nobody wanted to be in this situation. Nobody thought the bill before the House today was a perfect solution. But after careful consideration, I decided to support this bill because I believe that a failure to act now would not just punish Wall Street, but put hard-working Americans at risk of losing their homes, their jobs and their savings.

The unfortunate truth is that when the markets go up, Wall Street cleans up, and when the markets go down, Main Street gets cleaned out. Unlike the blank check that the Bush administration originally requested, the bill negotiated by Chairman Barney Frank protected taxpayers, prevented golden parachutes and limited excessive CEO compensation, helped prevent home foreclosures, and provided strong independent oversight and transparency.

Not just Main Street but the whole world is looking to us now. Our very system of capitalism is under assault. I hope we can come together to find a final solution. This bill failed today because a majority of Republican members voted against their leadership, against their own president, against their own Treasury Secretary and against their own Fed Chairman.”

Editor’s Note: Rep. Markey voted in favor of the legislation Monday, which failed to pass the House.