Statement on the Bipartisan Emergency Economic Stabilization Act

Press Release

"Today's defeat of legislation designed to prevent a collapse of our banking and credit systems creates greater uncertainty in already troubled times. Wisconsinites are understandably worried about the state of their pensions, student loans, mortgages, jobs, and ability to draw credit. Today's legislation was not perfect, but it was a significant improvement over the unacceptable blank check requested by President Bush a week ago.

For way too long, significant portions of the financial sector have been allowed to operate without government oversight or regulation and without rules intended to protect consumers and the public. This legislation was a first step in addressing inadequate regulation, lax enforcement, limited oversight and unrestrained greed of corporate executives. It would have taken a positive step to provide additional help to those facing foreclosure.

There is much more work to be done, but first we must assess the consequences of today's vote in the financial markets. Americans are hurting, and it is time to aggressively confront the challenges they face—loss of jobs, lack of affordable health care, and increasing prices for gas, home heating fuel, and groceries."

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