AP: Dole, Hagan react to US financial turmoil

Associated Press
Mike Baker
September 15, 2008

FAYETTEVILLE, N.C. — Republican Sen. Elizabeth Dole says she will use her role on the Senate committee that oversees the nation’s banking to examine the causes and implications of turmoil in U.S. financial markets.

But her Democratic rival, Kay Hagan, countered that the problem lies in the policies pushed by Dole and fellow Republicans.

Dole said she is very concerned about the events of recent weeks, including Monday’s bankruptcy filing from Lehman Brothers Holdings Inc. and the sale of Merrill Lynch & Co. Dole has advocated previously for increased oversight of Fannie Mae and Freddie Mac, the giant mortgage lenders bailed out by the government last week.

But Hagan said Dole and Republicans should have provided more oversight and accountability to sheriff the brokers who helped fuel the crisis.

Back to The Newsroom