NewPlan Would Protect Taxpayers, Tighten Regulatory Safeguards

WASHINGTON, DC -The two million-member SEIU (Service Employees International Union)is backing the plan announced today by Rep. Peter DeFazio and otherMembers of Congress to restore confidence in the financial markets.The new bill, called the "No BAILOUTS Act" (BringingAccountability, Increased Liquidity, Oversight, and UpholdingTaxpayer Security), is being introduced by Rep. DeFazio (OR-04), withRep. Kaptur (OH-09), Rep. Scott (VA-03), Rep. Cummings (MD-07), Rep.Doggett (TX-25), Rep. Holt (NJ-12), Rep. Edwards (MD-04) and Rep.Hirono (HI-02).

"We finally havea plan that will restore confidence in the financial markets withoutwriting a blank check to the same Wall Street banks and CEOs who gotus into this mess," said SEIU President Andy Stern. "Thisis an important, short-term solution that protects taxpayers andtheir savings accounts. To revive the economy over the long-term, wemust address rising unemployment, stagnant wages, the healthcarecrisis, and a tax system that is tilted in favor of the wealthy."

SEIU is calling onCongress to address the broader economic crisis facing workingfamilies as it moves to alleviate the crisis in the financialmarkets.

As a first step, SEIUis calling on the Senate this week to pass the economic stimulus planapproved by the House. Last week, the House of Representativespassed a $61 billion package to aid working families and stimulatethe economy that included investment in American infrastructure,increased aid to workers in the form of unemployment and food stampbenefits, home heating assistance, and Medicaid funding tocash-strapped states. Republican Senators however, blocked the bill.

SEIU members are making150,000 calls this week to Senators running for reelection, includingSen. John Sununu (R- N.H.), Sen. Mitch McConnell (R- KY), and Sen.Roger Wicker (R- MS), criticizing them for failing to take action ona stimulus package to ease the economic pain of working families.

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