Hagan Says No to Wednesday's Senate Bailout Bill

HAGAN SAYS NO TO WEDNESDAY’S SENATE BAILOUT BILL
Legislation Only Addressed Wall Street’s Fix, Leaves Main Street Searching for Answers

October 1, 2008

GREENSBORO, N.C. – After reviewing the legislation that ultimately went to the floor of the U.S. Senate for a vote, U.S. Senate Candidate Kay Hagan (D-Guilford) announced that she would not have supported it.

“I support this legislation’s goal of freeing up the credit markets to stimulate an economy on the brink, but I would have voted against it because it doesn’t do enough to protect everyday North Carolinians,” Kay said. “It’s a fix for Wall Street, not Main Street, and this isn’t a situation where we can afford to only address half the problem. I’ve said that any new bailout legislation must add real accountability, oversight and protections for Main Street to ensure we never find ourselves in this position again.”

Kay continues to insist that any bailout legislation include protections to fix the abuses that caused this crisis. The lax limits on CEO pay and compensation while including nothing to address protections for working families – lost jobs, high energy prices, falling wages and home prices – do nothing for the people this package should really protect.

“We got into this mess after years of Washington looking the other way and letting Wall Street and their lobbyists do as they pleased. And at a time when Main Street needs Washington to stand up for them the most, we should be ensuring this doesn’t happen again, not giving them our money and crossing our fingers,” Kay said.

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