Capito Statement on Secretary Paulson and Chairman Bernanke Testimony Before House Financial Services Committee

Press Release

US Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke appeared before the House Financial Services Committee today to testify about their proposed $700 billion plan to stabilize the financial markets. Rep. Shelley Moore Capito (R-WV), a member of the committee, released the following statement in response:

"Though I continue to have serious concerns about this proposal, I appreciate the testimony from Secretary Paulson and Chairman Bernanke with their continued efforts to highlight the impact the ongoing financial crisis may have on West Virginia families," said Capito.

"I hear every day from West Virginians with their concerns and frustrations about this proposal, and I will be taking their input very seriously as negotiations continue and I come to a decision regarding my vote. The seriousness of this situation cannot be understated and it's imperative that we act in a bipartisan fashion as these negotiations continue.

"I remain concerned about a proposal of this scope and size and my interests surrounding today's testimony were geared toward understanding the relationship between this proposal and the lives of everyday West Virginians.

"I think it is clear that any proposal of this magnitude demands strict review and oversight, because West Virginians must have confidence that their tax dollars aren't going to send Wall Street executives into the sunset on golden parachutes. It must also be clear that there are consequences for those who make poor decisions.

"And of course, stability in our financial and credit markets is a must, because the availability of credit impacts nearly every aspect of our economy, from home loans, to student loans to everyday business transactions like payrolls. Any congressional action must work toward ensuring West Virginians are not hurt by financial factors that were no fault of their own. We don't want to put taxpayers on the hook unnecessarily, but we also want to ensure that we provide stability to keep our economy on sound footing."

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