Senator Menendez: Economy Still Needs Strong Housing Response

Wall Street bailout, interest rate cut only pieces of the puzzle

March 18, 2008 -- Newark, NJ – U. S. Senator Robert Menendez (D-NJ), a member of the Senate Banking Committee, issued the following statement in the wake of the Federal Reserve interest rate cut and the recent purchase of Bear Stearns Co.:

“I am glad to see the Federal Reserve is on high alert, but it's clear the Fed alone can't resuscitate our economy. We need more than empty reassurance from the administration - we need strong action to address the heart of this crisis: the housing market. Baby steps aren't enough to protect homeowners from the coming waves of foreclosures.

Congress has put forward some strong proposals, and these need to be taken seriously, not put on the back burner. I hope Secretary Paulson will match the vigor of his reaction to the collapse of Bear Stearns in supporting real solutions that will aid homeowners and our economy.”

Source: Senator Robert Menendez