Contact: Eric Wohlschlegel
(202) 463-5725 / 888-249-NEWS

 

September 28, 2008

WASHINGTON, D.C.— U.S. Chamber of Commerce Executive Vice President for Government Affairs R. Bruce Josten issued the following statement commending Congress and the administration for reaching agreement on a plan to shore up our financial system:

"This plan contains the necessary elements to successfully remove the uncertainty and stem the turmoil that has plagued financial markets in recent weeks. We urge Congress to finalize the plan, quickly pass it, and present it to the President for signature as soon as possible.

"The proposal up to $700 billion is large enough to work. It provides the flexibility to be implemented quickly and maintains the oversight needed to protect taxpayers. The plan will also ensure that homeowners facing foreclosure will be direct beneficiaries of government actions and taxpayer expenditures to stabilize financial markets.

"A failure to act would have been a disaster. Main Street and Wall Street are inextricably linked. Without a compromise, both would have suffered tremendously, as would have the entire economy. All Americans should be pleased that when the chips were down, our elected leaders rose to the occasion and did the right thing.

"The Chamber applauds the leadership of Speaker Pelosi, Senators Dodd, Bennett, and Gregg, and Representatives Frank and Blunt in working to achieve this agreement."

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

 

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