JEC CHAIR MALONEY REACTS TO RELEASE OF ‘STRESS TEST’ RESULTS

Washington, D.C. – Today, Congresswoman Carolyn B. Maloney, chair of the Joint Economic Committee (JEC), made the following statement after the Federal Reserve released the results of the “stress tests” for the nation’s largest 19 banks:

“The failure of major financial institutions and the disruption of credit markets have taken a toll on business and consumer confidence.  A successful recovery in the real economy requires healthy banks and credit markets.  Today’s ‘stress test’ results should now provide a road map for restoring confidence in these institutions – and capital frequently follows confidence.  This is a critical step toward restoring financial stability that I hope will bring us closer to turning the corner on this crisis.”