Durbin Statement on Passage of the Bipartisan Emergency Economic Stabilization Act

Statement

Durbin Statement on Passage of the Bipartisan Emergency Economic Stabilization Act

United States Senator Dick Durbin (D-IL) issued the following statement after the Senate passed the bipartisan, Emergency Economic Stabilization Act, 74 to 25. The measure includes a package of bills that will stabilize the economy, restore confidence among consumers and businesses, and create new jobs and economic growth.

"Two weeks ago, Congress was told that the American economy was facing a meltdown. We were told by the Bush Administration that we had to pass their plan for a $700 billion bailout for the biggest banks and companies on Wall St. to avoid catastrophe. Their plan, however, was a catastrophe."

"Today the Senate passed a much different and much better, bipartisan rescue bill. It contains real oversight, taxpayer protections and protection for CEO's taking million-dollar bonuses at taxpayer's expense."

"Now we need to look to real reform to make sure this never happens again. We must also address the root cause of this crisis - the millions of foreclosures that have sent our economy into a tailspin."

"I look forward to working with the next administration to reform the regulation of the financial services industry while ensuring that we are doing everything in our power to help keep American families in their homes."

Source