WASHINGTON, DC – U.S. Senator Kit Bond today urged his colleagues in the House to keep in mind the need to protect Main Street families and workers, as they reconsider action on the financial rescue plan.
“Americans are angry about the prospect of using their tax dollars to fix Wall Street’s problems and I share this outrage, but what I really care about is protecting Main Street families and workers from this crisis which is why I am disappointed in the House’s failure to act today,” said Bond.
Bond agrees with House concerns that taxpayer dollars must be protected in any Congress-passed plan. Since the Administration proposed a financial rescue plan Bond has insisted that any plan include protection for taxpayers, stronger oversight, and accountability. In letters to Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, conversations with Congressional negotiators, and speeches on the Senate floor, Bond has been one of the most vocal proponents for including these important Main Street principles in any rescue plan.
The bipartisan Main Street rescue plan now before Congress is much different then the original plan proposed by Treasury Secretary Paulson. The financial rescue plan now includes the important principles Bond fought for: strong federal oversight; no ‘golden parachutes’ for failed executives; and taxpayer protection.
Bond stressed that without the rescue plan this financial crisis will spread to Main Street. Workers are in danger of missing paychecks, family savings and senior retirement accounts are in jeopardy, small businesses could fail, jobs depending on new spending or investment could be lost, farmers may not get operating loans, and Missourians may not be able to get home, car, or student loans, which is why we must act soon, Bond emphasized.