REP. MALONEY: FROZEN CREDIT MARKETS REQUIRE TRANSPARENCY AND CONSISTENCY TO RESTORE CONFIDENCE

Washington, D.C. – Today Rep. Carolyn B. Maloney, Chair of the Joint Economic Committee, released the following statement in reaction Treasury Secretary Geithner’s bank plan to get credit flowing again:

“Our economy is heading off a cliff and our financial and credit markets are frozen. President Obama understands we must take a coordinated and sustained approach to bring us back from the edge. We need transparency and consistency to reinstate confidence in our financial system and get credit flowing again to families and businesses. The plan outlined today by Treasury Secretary Geithner moves us in the right direction and I look forward to hearing more details. The key issues are whether financial losses are accurately measured, and that support to banks and other financial firms is provided effectively and with accountability. I invite Secretary Geithner to share more information with the Joint Economic Committee as soon as possible.”

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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