In October 2008, after much deliberation, I supported bipartisan compromise legislation to stabilize our dangerously vulnerable financial system.  This legislation, the Emergency Economic Stabilization Act of 2008, was modified significantly from the hastily-written and woefully inadequate proposal that the Bush administration originally proposed to Congress.  I was pleased that the recommendations I offered during negotiations were incorporated into the legislation, including oversight provisions, limits on executive compensation, the need for American taxpayers to share directly in any benefits gained by the recipients, and limits on the ability of foreign institutions to participate in the program.  These provisions were important in order to begin restoring taxpayer confidence in our financial system and to ease the credit crunch that threatens economic growth and recovery.

I will continue to work with members of Congress from both sides of the aisle to ensure that this legislation is implemented in a way that safeguards the American taxpayer.  Equally important, I will work with Congress and the White House to restore to our financial system a regulatory structure that will prevent this terrible chapter in American history from ever happening again.