STATEMENT OF SENATOR DODD ON SENATE PASSAGE OF THE EMERGENCY ECONOMIC STABILIZATION ACT

WASHINGTON, D.C. – Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the Senate passed the Emergency Economic Stabilization Act:

“The legislation that the Senate passed tonight is the product of thoughtful and deliberate bipartisan cooperation, and is a vast improvement over the blank check that the Administration sought just days ago.  The Emergency Economic Stabilization Act will not only provide stability and confidence to our financial markets, but also will help American families who are struggling to make ends meet.  The legislation gives the Treasury Secretary the authority to respond quickly and forcibly to the current crisis, while creating strong protections for American taxpayers, helping to preserve the American dream of homeownership, and cracking down on excessive compensation for corporate executives who made bad decisions.

“Many Americans are confused and angry about this crisis – and rightfully so.  They are concerned about whether this solution is best for their families and the nation.   I want to assure the American people that this legislation was created for the families who are worried about their home values, their retirement savings, and how they are going to afford groceries, medicine, and gas.  These bipartisan efforts weren’t about the storm that hit Wall Street – they were about the gathering storm on Main Street.  Tonight, the Senate acted decisively and responsibly – not for the benefit of a chosen few, but for all Americans.”

The full text of the legislation, as well as a section-by-section summary and a one-page summary, are available at banking.senate.gov.

 

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