5 Members of Congress Who Have Criticized the Bailout Changes
Democrats and Republicans have voiced concerns over the changes to the $700 billion bailout
1. Sen. Chris Dodd (D-Conn.), chairman of the Senate Committee on Banking, Housing, and Urban Affairs. He criticized Paulson for saying the bailout changes would support consumer credit while "denying the problem" of foreclosures. Dodd said, "It is still confounding to me why the secretary of the treasury hasn't dealt with" the foreclosure problem.
2. Sen. Chuck Grassley (R-Iowa) . He said that the shift in the focus of the bailout makes "you wonder if they really know what they're doing."
3. Rep. Barney Frank (D-Mass.) . Frank said the changes to the plan are "a mistake. [Paulson] is getting out of [going after] foreclosures. . . . I'm very disappointed."
4. Sen. Charles Schumer (D-N.Y.) . He was disappointed in the bailout's plan to invest capital directly in banks. "The capital injection program isn't doing enough to induce lending," he said.
5. Sen. Mel Martin ez (R-Fla.) . Martinez was "dismayed" by Paulson's announcement that the bailout wouldn't be used to purchase troubled mortgage-related assets, as was originally planned. Martinez said that "reducing the risk of foreclosure ranks at the bottom of treasury's list of program priorities."
Sources: CBS News, Boston Herald, CNN, Washington Post, The Hill, BBC
Reader Comments
They have the power
They have the power to hold back the next installment until the next administration comes to power. The question is can the economy hold on for 67 more days? I would prefer the next administration handle the money after the secret loans of 2 trillion to the financial sector at the same time the TARP bill was being debated.
advertisement
