WASHINGTON, D.C. – Representative Edward J. Markey (D-MA), released the following statement on legislation to provide emergency assistance to stabilize our economy which is before the House today: 

"Our country is facing an economic downturn as serious as any that has ever faced this nation. And while nobody thinks this the rescue package before us today is a perfect solution, a failure to act now would not just punish Wall Street, but put hard-working Americans at risk of losing their homes, their jobs and their savings. Without decisive action now, employers could be forced to cut their payrolls, putting more Americans out of work. 

"From Framingham to Revere, my congressional district is experiencing a credit crisis.  I have been talking to constituents, local real estate agents and local bank representatives who have all shared their own concerns about the uncertainties facing their own economic circumstances..  Home values are down, foreclosures are rising and although there are many prospective buyers, the credit freeze is paralyzing our local market.

"The financial rescue package will help families buy homes and cars they can afford and finance their children's education once again. This bill will also help boost the economies on Main Street in Malden, Medford, Melrose and all of the communities I represent.

"When the Bush administration first presented its plan to Congress, it was a blank check without the necessary safeguards to protect taxpayers from billions of dollars in losses. But after round-the-clock negotiations, the final legislation includes essential taxpayer protections and requires tough independent oversight and transparency.

"This vote is necessary but it is not the end - we must come back next year and work on reasserting oversight over the markets to ensure that we are never in this unfortunate situation again."

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