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U.S. Rep. Gabrielle Giffords' Statement On Financial Market Recovery Legislation

Press Release

Date: Sept. 25, 2008
Location: Washington, DC

U.S. Rep. Gabrielle Giffords released the following statement today regarding the financial market recovery legislation being negotiated by Democratic and Republican congressional leaders.

Our nation is confronting a historic financial crisis with grave consequences for America's economy. The Bush Administration's request for a unrestricted $700 billion bailout for Wall Street was completely unacceptable. While the costs for Wall Street are real, I am specifically focused on the real effects that will get passed down to the people of my district. After hearing from hundreds of constituents and discussing the potential for economic hardship with financial leaders in Arizona, I understand that as the Congresswoman from the 8th District, I must help Congress get this legislation right. Taxpayer equity must be protected, transparency and tough oversight are absolutely necessary, and CEO compensation must be restricted for the companies that participate. Since Arizona is 3rd in the nation in foreclosure rates, I will demand a strong effort to be made to reduce mortgage foreclosures.

Democrats and Republicans in Congress must keep negotiating with each other and the Administration. I hope that my colleagues put election year politics aside and bring forward a bipartisan and responsible proposal very soon.