March 18, 2008


“The Fed’s decision today further illustrates their commitment to using all their available monetary policy tools to provide liquidity to our markets. But the Fed is running out of pages in its playbook to address the growing crisis of credit and confidence that has taken hold of our financial markets and threatens to undermine our nation’s economy. The Administration and Treasury should be equally aggressive in fashioning a non-monetary response that gets to the heart of this crisis – the mortgage markets. Doing so means forgoing ideology and seriously considering Congressional initiatives, like the HOPE for Homeowners proposal, which Chairman Barney Frank and I put forward last week. The measure would provide real assistance to distressed homeowners, help stabilize our markets, and restore the flow of credit. I intend to work in a bipartisan fashion with my colleagues in the Senate, along with the Federal Reserve and the Administration, to move the legislation as quickly as possible.”