DODD STATEMENT ON NEED TO STRENGTHEN ECONOMY AND WORK WITH OBAMA ADMINISTRATION

“As Friday’s dismal job numbers show, the economic crisis continues to cripple millions of American families and businesses.  We need to strengthen our fragile financial system so that families can access the credit they need to pay for a home, a car and college tuition for their children, and businesses can stock inventory and meet payroll.  Regrettably, the program intended to meet these objectives has been grossly mismanaged by the current Administration and has not achieved these goals.  President Bush failed to impose key conditions intended by Congress on the program, to explain to the public why the program was needed, or to be transparent with Americans about how their hard-earned dollars were being spent.  As a result, many people are confused, angry, and feel like the wool’s been pulled over their eyes.
“The Obama Administration has heard these concerns and understands the need for a sharp course correction, including making significant changes to how this program is run.  They agree that we need a comprehensive, coherent strategy to replace the current piecemeal approach, and have committed to using additional funds to help Main Street.  This is an important first step, and I look forward to working with the President-Elect and his team on the details so they can implement the program effectively, with the accountability and transparency that Congress intended.”

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