Press Release of U.S. Senator Barbara Boxer

For Immediate Release:
April 20, 2010  
Contact:
Washington D.C. Office (202) 224-3553

Boxer Pushes Amendment to Ensure No Taxpayer Funds Will Be Used to Bail Out Wall Street  

Washington, D.C. – U.S. Senator Barbara Boxer (D-CA) today wrote Senate Banking Committee Chairman Chris Dodd (D-CT) to urge his support for an amendment she intends to offer to Wall Street Reform legislation that would ensure that no taxpayer funds will be used to bail out financial institutions.

In the letter, Senator Boxer wrote that lawmakers from both parties agree that no taxpayer funds should be used to bail out financial institutions. Her amendment would eliminate any doubt on the subject.

Senator Boxer also wrote that she is encouraged that Chairman Dodd is considering adding such language to the Wall Street Reform bill.

The full text of the Senator Boxer’s letter is below:

The Honorable Christopher J. Dodd
Chairman Senate Committee on Banking, Housing and Urban Affairs
Washington, DC 20510

Dear Mr. Chairman:

As we discussed, I intend to offer an amendment to the Wall Street Reform Bill to ensure that no taxpayer funds may be used to bail out financial institutions.

I believe this amendment is very important since both parties agree that we should not have taxpayer funded bailouts. My provision will eliminate any doubt on this subject.

I am encouraged that you are considering adding my language to the bill.

Since the economic crisis began in 2008, billions of taxpayer dollars have been put at risk to support the financial sector and stave off a total economic collapse. While most of these funds have been returned to taxpayers, the central purpose of the Wall Street Reform Bill is to hold Wall Street accountable and ensure that taxpayers never again have to bail out financial institutions.

I look forward to working with you to add this taxpayer protection provision to the Wall Street Reform legislation.

Sincerely,

Barbara Boxer, United States Senator