Senator Lamar Alexander (R-Tenn.), chairman of the Senate Republican Conference, issued the following statement after significant progress was made in the development of legislation to address the credit crunch affecting communities across America.
"Congressional negotiators have significantly amended the Paulson Plan in order to protect taxpayers. The Secretary has authority to buy and sell troubled mortgage assets to get the economy moving; taxpayers have authority to provide oversight, minimize losses and make sure profits go to reduce federal debt.
"Congress should approve the amended plan without delay on Monday. Otherwise, there is a real risk that credit will freeze and Americans will not be able to get car, student, auto and mortgage loans or even to cash their paychecks.”