IN LIGHT OF FINANCIAL CRISIS, HARMAN
RECOMMENDS CANCELLING OCTOBER RECESS

Lawmaker says, “We should stay here until we find the right answer”

Washington, D.C. Congresswoman Jane Harman (D-Venice) released the following statement:

Many constituents have contacted my office this week about the proposed bailout of the financial services industry.  I share their misgivings. 

My staff and I are involved in meetings and other activities on the issue, and are pushing back on what we see as a $700 billion blank check to the Treasury Department. 

Particularly egregious to me is a provision in the draft legislation that bars judicial review or review by any administrative agency. 

There is no question that the economy is in trouble, but our remedies need to be carefully tailored to homeowners and employees of firms whose executives took reckless and irresponsible risks.  Limits on executive compensation and requirements for full transparency and oversight must be on the table. 

I am recommending that Congress postpone its planned recess.  We should stay here until we find the right answer to this problem.

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