Cornyn: Toxic Assets Plan Requires Transparency, Taxpayer Protections & Detailed Roadmap

Statement

Cornyn: Toxic Assets Plan Requires Transparency, Taxpayer Protections & Detailed Roadmap

U.S. Sen. John Cornyn, R-Texas, a member of the Senate Finance Committee, today issued the following statement regarding the Administration's plan to deal with toxic bank assets:

"The Administration's first priority must be to fix the ailing financial market that small businesses and families rely on everyday to get a mortgage or loan to pay for their children's education. I am glad their plan has finally arrived so that Congress can examine it in detail. It is my hope that the Administration has learned from recent history and this plan has the proper transparency and accountability measures in place. Since inauguration day, the Administration and Democrat leaders have operated under a veil of secrecy, eschewed bipartisan input, and spent more than $1 trillion without crossing their ‘t's' and dotting their ‘i's.' The Administration must provide detailed information regarding who will be buying and selling the toxic assets, an assurance of tangible taxpayer protections, and how this plan will explicitly solve the pricing problem for these distressed assets. In the end, any plan must make credit more readily available for the hard-working Texas families and small businesses who have been hit the hardest by this recession."

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