Latest Version Of Paulson Plan, Menendez Reacts

Latest Version Of Paulson Plan, Menendez Reacts

Washington - After the Department of the Treasury submitted an updated Wall Street bailout proposal today, U.S. Senator Robert Menendez (D-NJ), a member of the Banking Committee, released the following statement:

"I was concerned about Treasury's initial proposal because it ignored struggling homeowners and lacked protections for taxpayers, who will bear the burden of a bailout. The revised proposal does not address these concerns and in fact gives the Treasury additional authority that could add to the burden on taxpayers. When we start talking about giving the administration free range for a wide scope of unchecked actions that include buying foreign companies' debts, it is cause for concern. I will reiterate that there must be relief for struggling homeowners, accountability to protect taxpayers and we must also work on new measures to stimulate the economy."

# # #