Pelosi Floor Statement on Bipartisan Financial Rescue Legislation
LawFuel - The Law Jobs and Legal NewsWire
Washington, D.C. - Speaker Nancy Pelosi spoke on the House floor this afternoon in support the Emergency Economic
Stabilization Act of 2008. Below are her remarks, as prepared:
"Madam Speaker, when was the last time someone asked you for $700 billion?
"It is a number that is staggering, but tells us only the costs of the Bush Administration's failed economic
policies-policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision,
and no discipline in the system.
"Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices
it has created chaos.
"That chaos is the dismal picture painted by Treasury Secretary Paulson and Federal Reserve Chairman Bernanke a week and
a half ago in the Capitol. As they pointed out, we confront a crisis of historic magnitude that has the ability to do
serious injury not simply to our economy, but to the American people: not just to Wall Street, but to everyday Americans
on Main Street.
"It is our responsibility today, to help avert that catastrophic outcome.
"Let us be clear: This is a crisis caused on Wall Street. But it is a crisis that reaches to Main Street in every city
and town of the United States.
"It is a crisis that freezes credit, causes families to lose their homes, cripples small businesses, and makes it harder
to find jobs.
"It is a crisis that never had to happen. It is now the duty of every Member of this body to recognize that the failure
to act responsibly, with full protections for the American taxpayer, would compound the damage already done to the
financial security of millions of American families.
"Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original
plan of the Bush Administration.
"I must recognize the outstanding leadership provided by Chairman Barney Frank, whose enormous intellectual and
strategic abilities have never before been so urgently needed, or so widely admired.
"I also want to recognize Rahm Emanuel, who combined his deep knowledge of financial institutions with his pragmatic
policy experience, to resolve key disagreements.
"Secretary Paulson deserves credit for working day and night to help reach an agreement and for his flexibility in
negotiating changes to his original proposal.
"Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the
meltdown on Wall Street.
"The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make
unwise and risky financial deals. They did not jeopardize the economic security of the nation. And they must not pay the
cost of this emergency recovery and stabilization bill.
"So we insisted that this bill contain several key provisions:
"This legislation must contain independent and ongoing oversight to ensure that the recovery program is managed with
full transparency and strict accountability.
"The legislation must do everything possible to allow as many people to stay in their homes rather than face
foreclosure.
"The corporate CEOs whose companies will benefit from the public's participation in this recovery must not benefit by
exorbitant salaries and golden parachute retirement bonuses.
"Our message to Wall Street is this: the party is over. The era of golden parachutes for high-flying Wall Street
operators is over. No longer will the U.S. taxpayer bailout the recklessness of Wall Street.
"The taxpayers who bear the risk in this recovery must share in the upside as the economy recovers.
"And should this program not pay for itself, the financial institutions that benefited, not the taxpayers, must bear
responsibility for making up the difference.
"These were the Democratic demands to safeguard the American taxpayer, to help the economy recover, and to impose tough
accountability as a central component of this recovery effort.
"This legislation is not the end of congressional activity on this crisis. Over the course of the next few weeks, we
will continue to hold investigative and oversight hearings to find out how the crisis developed, where mistakes were
made, and how the recovery must be managed to protect the middle class and the American taxpayer.
"With passage of this legislation today, we can begin the difficult job of turning our economy around, of helping those
who depend on a growing economy and stable financial institutions for a secure retirement, for the education of their
children, for jobs and small business credit.
"Today we must act for those Americans, for Main Street, and we must act now, with the bipartisan spirit of cooperation
which allowed us to fashion this legislation.
"This not enough. We are also working to restore our nation's economic strength by passing a new economic recovery
stimulus package-a robust, job creating bill-that will help Americans struggling with high prices, get our economy back
on track, and renew the American Dream.
"Today, we will act to avert this crisis, but informed by our experience of the past eight years with the failed
economic leadership that has left us left capable of meeting the challenges of the future.
"We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed
past and take America in a New Direction to a better future."
ENDS