Senate Democrats

Reid Statement On Geithner Plan To Stabalize Our Financial System

Washington,DCSenate Majority Leader Harry Reid made the following statement today after Treasury Secretary Timothy Geithner outlined a plan to stabilize the financial markets and get credit flowing again:

“With tens of thousands of Americans losing their jobs every day, we cannot afford to wait to repair our economy – and we cannot repair our economy without also fixing the financial system.  Lending and borrowing is vital to the health of our economy, and we must keep credit flowing so people can get the loans they need to keep their small businesses open, buy a car or send their children to college.  If we do not, we run the risk of catastrophe.

“Our goal must be to fix the root of the problem, not to bail out greedy executives whose reckless behavior created this crisis.  And because we understand that every dollar in this plan belongs to American taxpayers, we will require meaningful safeguards so people know that their money is being invested wisely.

“I look forward to studying Secretary Geithner’s plan and working with President Obama and his administration to make sure our economy works for the American people once again.”