WASHINGTON, D.C. – Representative Edward J. Markey (D-Malden), released the following statement on legislation to provide emergency assistance to stabilize our economy which was defeated by the House today:

"Nobody wanted to be in this situation. Nobody thought the bill before the House today was a perfect solution. But after careful consideration, I decided to support this bill because I believe that a failure to act now would not just punish Wall Street, but put hard-working Americans at risk of losing their homes, their jobs and their savings.

"The unfortunate truth is that when the markets go up, Wall Street cleans up, and when the markets go down, Main Street gets cleaned out. Unlike the blank check that the Bush administration originally requested, the bill negotiated by Chairman Barney Frank protected taxpayers, prevented golden parachutes and limited excessive CEO compensation, helped prevent home foreclosures,  and provided strong independent oversight and transparency.

"Not just Main Street but the whole world is looking to us now. Our very system of capitalism is under assault. I hope we can come together to find a final solution. This bill failed today because a majority of Republican members voted against their own leadership, against their own president, against their own Treasury Secretary and against their own Fed Chairman."

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