WASHINGTON - U.S. Senator Kay Bailey Hutchison (R-TX), Texas' senior senator, released the following statement today on the proposed bailout of the financial markets:
"The credit markets are showing signs of distress, and if not addressed quickly, could have consequences that many will not be able to endure. I believe there are steps Congress should take to help alleviate this credit crunch, but I do not believe those steps should come at the expense of taxpayers.
"Congress needs to take into consideration both the short term and long term consequences of the proposed legislation. I believe efforts to stabilize our financial markets must meet several important criteria. First, we must protect taxpayers by asking Wall Street to fund their own rescue, not saddle the next generation with additional debt. If taxpayers must take the financial risk, there must be potential financial reward.
"For the American people to have confidence that this legislation is not simply a band aid, we need immediate transparency, oversight, and market reform. The final principle is that Wall Street executives cannot receive excessive compensation if they are relying on taxpayer funding.