reply from Barbara Boxer's office

Dear Mr. GORDON:



Thank you for contacting me regarding the current financial crisis. I appreciate hearing from you on this critical issue.



As you know, Congress recently approved a massive financial rescue package (P.L. 110-343). I disapproved of the toxic assets purchase plan, as I do not feel that this is the most effective way to alleviate the ongoing credit crisis, and I worry about ever recovering taxpayer funds from these assets. Thankfully, the Administration is now working to invest funds directly into banks, providing liquidity and giving American taxpayers an equity share in these institutions.



As we provide carefully targeted assistance to financial institutions, we must also take steps to get the fundamentals of our economy back on track, since we are in a recession and I want to ensure it is not a deep one.



We need to get to work on a second economic stimulus package that provides emergency financial assistance to the states, addresses the housing crisis, creates jobs through infrastructure investments, and extends unemployment benefits.



Furthermore, I strongly believe that Congress needs to exercise its oversight responsibilities, and I am pleased to report that this work has begun. Committees in both the House and Senate are holding hearings to examine what went wrong and who needs to be held accountable and what laws were not enforced. In addition, we must determine if new laws are needed. It is critical that good people be placed in regulatory positions.



Be assured that I will continue to speak out forcefully about the failures that led to this crisis and keep working with my colleagues to strengthen confidence in our markets while protecting the American taxpayers.



Again, thank you for writing to me. Please feel free to contact me again about any issue of importance to you.


Barbara Boxer
United States Senator