Congressman Dennis Cardoza
18th Congressional District of California

WASHINGTON, DC – Today, Congressman Dennis Cardoza joined with the fiscally conservative Blue Dog Coalition in demanding steps be taken to protect the nation’s taxpayers. The request was made as negotiations were being finalized on a plan to address the nation’s financial crisis.

“I am angry that we’ve been put in this position,” said Congressman Cardoza. “Because I believe the outcome to the economy will be much worse without government action, I want to ensure that taxpayers are protected as much as possible as this plan moves forward.”

Throughout the weekend, Cardoza and the Blue Dog members advocated for assurance that the banking industry would be responsible for any lost investment after receiving the federal loan. Under the plan proposed by leaders on Sunday, the federal government will assess any losses by those companies which benefited from the loan and require payback to the taxpayers.

Additionally, The Blue Dogs advocated for stronger oversight, caps on so called “golden parachute” retirements for banking executives, and a requirement that the Treasury work with troubled homeowners wherever possible to reassess their loans.

The fiscally conservative Democratic Blue Dog Coalition was formed in 1995 with the goal of representing the center of the House of Representatives and appealing to the mainstream values of the American public. The Blue Dogs are dedicated to a core set of beliefs that transcend partisan politics, including a deep commitment to the financial stability and national security of the United States.  Currently there are 49 members of the Blue Dog Coalition.