Barrasso - Financial Rescue Brings Risk

Press Release

Barrasso - Financial Rescue Brings Risk
Taxpayers shouldn't be left holding the bag for Wall Street's greed

Senator John Barrasso (R-Wyo) has serious reservations about the staggering multi billion dollar rescue package and the risk to U.S. taxpayers.

"I am very concerned about providing a $700 billion rescue package for our financial institutions. Any plan for government assistance must focus on the needs of Main Street not Wall Street. Protecting taxpayers' money and providing strict oversight ought to be the tenents of any rescue effort," Barrasso said.

"As a matter of principle, people of Wyoming shouldn't be left holding the bag for Wall Street's bad decisions and greed. CEO's needing taxpayer assistance must not receive compensation for failure."

Secretary Paulson outlined a plan for the federal government to purchase mortgages and other assets currently clogging the financial system. Despite the tremendous amount of taxpayer money at risk, Secretary Paulson believes it will cost Americans far more if major financial institutions fail.

"As the debate moves forward, the interests of taxpayers must be the priority. Americans must be protected from future risks and losses. All revenue the government generates from the sale of assets must be returned to the taxpayer. Strong oversight, accountability and transparency are essential elements of any rescue package."

"The public has bestowed great trust in the federal government and that trust must not be violated again. Folks in Wyoming have worked hard for their money and deserve to have their tax dollars used wisely."

"While there is no question that this crisis requires timely action, we cannot afford to be stampeded into a rash action. I will do everything I can to ensure that the voice of Wyoming taxpayers is heard throughout this debate."