Menendez Issues Statement On Paulson Plan

Menendez Issues Statement On Paulson Plan

Member of Banking Committee says rescue plan must not forget Main Street

Washington - Today, the Bush administration unveiled its proposal to address the economic crisis - a $700 billion plan centered around giving the Department of the Treasury authority to buy mortgage-related assets.

U.S. Senator Robert Menendez (D-NJ), a member of the Banking Committee who in a major economic speech in Newark yesterday outlined his proposals to help homeowners along with Wall Street, released the following statement:

"Major action to help rescue our economy is certainly necessary, but what disappoints me about this proposal is that it's all Wall Street and no Main Street. We can't ignore the millions of Americans who may lose their homes, and there must be accountability to protect the taxpayers. It is both unfair and unwise to throw a lifeline to banks that were irresponsible without so much as offering a hand to homeowners and some real limits on risks for the taxpayers."

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