WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after Treasury Secretary Timothy Geithner spoke about the Obama Administration’s plan to overhaul the bank rescue plan for the financial sector:
“As Secretary Geithner recognizes, our financial crisis was brought on, in large part, by ‘individuals, businesses, and governments [that] borrowed beyond their means.’ After the record deficits and debt that characterized the Bush years, it comes as a relief to have an Administration dedicated to restoring fiscal sanity. While economists agree that short-term deficit spending is necessary to create jobs and end this recession, it is essential that our Nation develop a long-term strategy to live once more within its means.
“The financial stabilization plan put forward by Secretary Geithner is another important step toward economic recovery. It takes strong action to make sure that Congressionally-approved taxpayer funds are not subsidizing lavish bonuses for bank executives, but rather restoring the necessary flow of consumer lending. I look forward to working with the Obama Administration to ensure that its plan uses taxpayer money wisely, and that it adequately addresses a wave of foreclosures continuing to threaten the homes of millions of Americans and the economic stability of millions more.”