SAINT PAUL [10/01/08] - U.S. Senate Candidate Al Franken:

“I am very concerned by what I’m seeing from Washington. After eight years of dismantling the regulatory framework that should have prevented this crisis, it looks like Washington may yet stick taxpayers with the bill for a $700 billion handout to Wall Street.

“I know that negotiations are continuing, so I want to send a very clear message to Washington: If we’re going to pay a premium to clean up this mess, we had better fix the problem that caused it.

“That problem is the failure – the refusal – of this administration and those who support its economic agenda to hold Wall Street accountable for its reckless behavior and enforce real oversight over our financial system.

“So, I would urge that, in any bailout package that comes up for a vote, Congress not only establish strong oversight over how this $700 billion is used, but also fix the system that allowed this abusive and reckless behavior, by implementing concrete steps to guarantee transparency and oversight in the marketplace. I believe that if we don’t fix the system, this won’t be the last bailout.

“And let me be clear: this should not be a proud day in Washington. Arsonists don’t get credit for putting out their own fires, especially when it costs taxpayers $700 billion. But any bailout package must include strong oversight protections, and a regulatory framework to prevent this from ever happening again”

This entry was posted on Wednesday, October 1st, 2008 at 12:28 and is filed under From Al's Desk, Press Releases. You can follow any responses to this entry through the RSS 2.0 feed.