Capito Statement Regarding Ongoing Efforts to Promote Financial Stability

Press Release

Rep. Shelley Moore Capito (R-WV) released the following statement today regarding recent announcements from Secretary Paulson about proposed efforts to stabilize the tumultuous financial markets and ensure economic stability:

"The challenges facing our nation's financial system are very real and demand serious attention from federal officials," said Capito, a member of the House Financial Services Committee serving as the ranking member on the subcommittee on Housing and Community Opportunity.

"I look forward to reviewing the legislative proposals currently being drafted by officials at the Treasury Department. It is clear that we must have a targeted and systematic response to this crisis, and I appreciate the hard work and collaboration we've seen from officials on both sides of the political aisle."

"The current situation demands real bipartisan cooperation to promote confidence in our nation's financial institutions, protect the finances of West Virginia families and ease the pressure on financial markets. Our economy depends on the availability of capital to promote business investment and create jobs, which is why it's important that any government intervention be designed with these goals in mind."

Capito has been at the forefront of numerous legislative initiatives to address the struggles of the housing market, which is at the root of the ongoing challenges on Wall Street. She has been a long-time proponent of GSE reform to enhance regulatory oversight of Fannie Mae and Freddie Mac, which resulted in key reforms passing Congress over the summer.

Capito also worked to negotiate the Mortgage Reform and Anti-Predatory Lending Act which passed the House last fall.

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