WASHINGTON, D.C. – U.S. Senator Kit Bond today voted to protect Main Street families and workers from the financial crisis.  With a vote of 74 to 25 the Senate passed a rescue plan that will keep the credit crisis from spreading from Wall Street to Main Street.

 

“I share Missourians' anger over this financial emergency but I fear without immediate action this crisis will spread to Main Street hurting workers who may not get paychecks, small businesses who may fail, farmers who may not get operating loans and families who may not get the home loans, car loans or student loans they need.”

 

The credit crunch is a very real emergency that is already impacting Main Street America – states and localities are struggling to obtain financing for critical road and building projects, seniors are seeing their retirement savings fall in value, small businesses are unable to get funding to meet payroll, and students can't obtain loans for tuition.  Today's action in the Senate is critical to keep this crisis from hurting families and workers even more, stressed Bond.  If the House fails to act on the Senate-passed bill, this crisis will spread even further -- farmers won't be able to get loans to buy fertilizer and seeds, families won't be able to get home and auto loans, and workers will be laid off.

 

Bond fought for many Main Street principles in the plan, which now includes:

 

·        No “golden parachutes” for failed executives

·        Equity for taxpayers to share in any future profits

·        Increased oversight to protect taxpayer dollars

·        Independent oversight of federal actions

·        Increased transparency to know our money is well spent

·        Regular reporting to the public

·        Required government review of accounting standards on asset valuation – known as Mark to Market

 

Bond agreed with Missourians who were angry about their tax dollars being used to reward incompetent executives who caused the crisis and worked to change the Treasury's original plan.  The revamped Main Street rescue plan now includes stronger oversight, increased transparency, and accountability to ensure that the failed CEO's who caused this crisis won't receive "golden parachutes." 

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