GREGG LAUDS SENATE PASSAGE OF MARKET STABILIZATION PACKAGE

Wednesday, October 1, 2008                                      Contact: Andrea Wuebker/Laena Fallon

GREGG LAUDS SENATE PASSAGE OF MARKET STABILIZATION PACKAGE

WASHINGTON – U.S. Senator Judd Gregg (R-NH), ranking member of the Senate Budget Committee, and lead negotiator for Senate Republicans, today praised the decision of Senate leadership to bring up the Emergency Economic Stabilization Act for a vote Wednesday evening in the Senate.

Senator Gregg stated, “Tonight’s action by the Senate to overwhelmingly approve the bipartisan market stabilization package is a critical step in the right direction for our nation’s economy.  Though it will not get us out of the woods, it will hopefully put us on the path to restoring much needed financial stability to both Wall Street and Main Street. This compromise will help bring back confidence in our markets, repair our economy, and it will help reassure American families that their savings are secure, and that their ability to finance their homes, cars, and children’s education is possible. If we had not acted, we would have been shirking our responsibility as legislators, and the damage to American families would likely be catastrophic. The market’s reaction on Monday – to the tune of $1.2 trillion in losses – was a stark warning of the dire situation our economy faces.

“This package, crafted in a in a bipartisan manner, provides the Treasury Secretary with the necessary authority to stabilize these ailing markets, while protecting the best interests of the American taxpayer.  This is not a bailout for the fat cats on Wall Street, but rather a responsible way to help Main Street, small businesses across the country, and our quality of life. 

“Restoring financial stability is the greatest challenge facing our country.  This is not a time for rhetoric, it’s a time for responsibility, and tonight the Senate has joined across party lines, taken up that responsibility, and done what is in the best interest of American families.  Now that the Senate has lived up to this challenge, I hope that my House colleagues will do the same and pass this legislation in a timely manner.”