Press release
Jeanne Shaheen Addresses Laconia Rotary, Discusses Need For Return To Fiscal Responsibility In Washington
Thursday October 09, 2008

(Manchester, NH)— Today, former Governor and current candidate for U.S. Senate Jeanne Shaheen addressed the Laconia Rotary Club to discuss the need for a return to fiscal responsibility in Washington and outline proposals for a new direction in our economy.

"This is a critical time for our state, our families, our small businesses, and our country," Shaheen said. "These tough economic times are hurting our families, our small businesses, our future. And the recent turmoil on Wall Street has only further undermined an already struggling economy.

"We desperately need a new direction, one that restores real accountability and transparency to our government and puts the needs of families and small business first again.

"John Sununu has been in Congress for 12 years

– five of those years on the Senate banking committee – sitting back while the Bush administration has gutted Wall Street oversight. He has voted to protect predatory lenders, and he voted for the Phil Gramm agenda to remove oversight from financial institutions. He's opposed oversight of credit rating agencies. John Sununu has no credibility on this issue. It is long past time to restore real accountability and independent oversight to the markets.

"I believe there are important steps that we should take right now to prevent this situation from happening again. First, capital, liquidity and disclosure requirements should be developed and strengthened for all financial institutions. Second, we should end our patchwork system of overlapping and competing oversight and create one, streamlined system of oversight that functions effectively in 21st century markets. Third, we should regulate financial institutions based on the products and services they offer, not based on the kind of institution they are. Fourth, we need to strengthen credit rating agency independence and oversight to reduce conflicts of interest."

For more information, visit www.JeanneShaheen.org



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