Washington, DC—Senate Majority Leader Harry Reid made the following statement today on the floor of the U.S. Senate regarding the Emergency Economic Stabilization Act of 2008. Below are his remarks as prepared for delivery:
“Yesterday’s drop on Wall Street amounted to a loss of more than $1.2 trillion.
“Most of this money comes not from Wall Street titans, but from the pensions and 401k’s of middle class Americans – people who lived frugally, lived carefully and now rightfully worry that the security of their golden years will be compromised by irresponsibility in the financial sector.
“The most important job of Congress is to safeguard the physical and fiscal security of the American people. Despite yesterday’s setback in the House of Representatives, this continues to be our foremost goal.
“Last night I spoke with White House Chief of Staff Josh Bolten. Senators Bennett, Corker and Gregg on the Republican side, as well as Senators Dodd, Baucus, Conrad, Durbin, Jack Reed and Schumer have done an exceptional bipartisan job to move the rescue legislation forward here in the Senate, and their work continues.
“I also continue to work closely with my friend the Minority Leader, Senator McConnell, as well as with our counterparts in the House of Representatives.
“We are all committed to keeping the progress of the rescue package moving forward. In the coming days, I will continue doing everything possible to see this dire and avoidable financial crisis through to the best possible outcome and towards a future of stability and growth for our country’s economy.
“I am hopeful and confident that all sides – the House, the Senate and the White House – will continue working together toward that goal.”