Tom Udall Statement to Plan to Address Financial Crisis

WASHINGTON – U.S. Representative Tom Udall, (D-NM) and candidate for US Senate, today released the following statement on the nation's economic crisis and proposed bailout:

"The Bush Administration and its allies in Congress have allowed Wall Street to gamble with America's economy for far too long, and the results have been disastrous for Main Street. Now, as we work on a plan to avoid an even greater crisis, it is essential that the interests of Main Street come first.

"The Administration's proposal, as it has been presented to Congress, needs significant changes.  First, any plan that puts taxpayer money at risk must ensure that taxpayers get paid back before shareholders, bondholders or executives-so that corporate CEOs do not get a golden parachute while taxpayers are left to pay the bill. 

"Additionally, Congress should act further to keep Americans in their homes by addressing the crisis in the mortgage industry as well as the one in the financial sector.  Any economic package that allows tens of thousands of Americans to lose their homes is simply inadequate. 

"Finally, there must be accountability.  If we invest taxpayer dollars to protect our financial markets, we should make sure that money is spent effectively and efficiently, with proper oversight and accountability. No administration should be given unlimited authority over the spending of $700 billion or more of taxpayers' dollars. Any bailout plan needs to ensure that those managing the bailout are responsible to Congress and the American people."