Congress Watch calls for protections in bailout plan09/25/08 Robert Lorei
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Two nationally recognized citizen groups called on Congress Wednesday to slow down, proceed carefully and incorporate consumer safeguards in any financial bailout plan, including a cap on credit card and mortgage interest rates, public equity in firms receiving bailout funds, and rules that would prevent lobbyists and firms from cashing in on the massive taxpayer handout.
Public Citizen and Consumer Watchdog released a set of recommendations for Congress to consider as it debates a bailout plan worth $700 billion, a hastily reached, arbitrary amount since it is unknown how much the assets of the failing financial institutions are actually worth. The group says that never before has Congress considered such a large expenditure with such little discussion or specifics.
David Arkush with the Congresswatch division of Public Citizen joins us now on the phone. Welcome to WMNF.
AFSC sponsored phone call to Congress: (800) 473-6711 or visit Citizen.org