WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA) issued the following statement on the crisis in our financial markets:

“At a time when the American people are hurting, and the middle class is suffering from rising prices and declining incomes, I am extremely concerned about the volatility of the financial markets and its impact on hardworking Washington state and American families. I am equally troubled that Congress is being asked to respond quickly to a situation that has been years in the making.  

 

“We must push for economic policies that protect families on Main Street while really addressing the problems on Wall Street. It is time we reverse the calamitous economic policy that has put taxpayers’ life savings at risk because federal regulators were sitting on the sidelines while the financial markets ran amuck. It is up to Congress to make sure we pass legislation that puts transparency and tough rules in place to make sure consumers are protected.

 

“This crisis is a direct result of many years of lax regulation and absent oversight.  We must act to restore confidence in our financial markets in the short-term, but we also must take the time to ensure that we fix our regulatory system over the long-term. It is critical that any action we take now be carefully crafted to avoid mistakes that threaten to make the situation worse.”

 

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