Connecticut Working Families | Vote your values. Vote Working Families.

As President Bush and Secretary Treasurer Henry Paulson are pushing for a $700 billion bailout of the financial sector; members of Working Families in Connecticut are calling for Congress to make sure that any bailout plan include regulation of the financial sector and provisions to aid to distressed home owners.

“Why should taxpayers be on the hook for $700 billion only to bail out the hedge fund hotshots, the derivative boys, the payday lenders, the mortgage securitizers, and all the other Gordon Geckos of the world?” said Jon Green, Director of Working Families. “Any bailout passed by Congress must also actually help the homeowners who were the victims of these predatory practices, and also regulate the practices that got us into this crisis in the first place.”

Working Families supports a number of provisions to be included in any bailout bill, including:

1) Bankruptcy shelter for homeowners.
2) Restructured mortgages for people in danger of losing their homes.
3) CRA requirements on investment banks and insurance companies
4) Outlaw predatory lending and cap usurious payday lending rates.
5) Expand Unemployment Insurance and Home Heating Oil for people who are about to lose their jobs.
6) A cap on CEO pay for firms that accept the bailout.

Working Families is a minor political party formed by a coalition of community organizations, labor unions and neighborhood activists who united to fight for a fair economy.


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