July 14, 2008


“The Administration's failure to prevent bad lending practices has caused unprecedented hardship in the form of record foreclosures and market turmoil.  Now, homeowners across the country and our entire financial system are suffering the consequences.  Regrettably, the Administration has refused to develop or support any meaningful effort to help keep Americans in their homes and preserve efficiency and stability in our markets.
“First and foremost, we must enact the bipartisan housing bill that the Senate passed on Friday evening, and that the House of Representatives should pass in a timely manner.  In addition, I have been briefed over the weekend by the Federal Reserve, Treasury and SEC about their proposals.  Over the coming days, I will invite Secretary Paulson, Chairman Bernanke and Chairman Cox to come before the Banking Committee to provide Members of Congress and the public with more information on their efforts.  I expect these agencies to fully cooperate with the Committee and Congress so that we may work together to deliver solutions that are in the best interest of the American taxpayer and the U.S. economy.”