Principles for a Patriotic Bailout Plan

Public Citizen and Consumer Watchdog have called on Congress to slow down, proceed carefully, and incorporate consumer safeguards in any financial bailout plan, including a cap on credit card and mortgage interest rates, public equity in firms receiving bailout funds, and rules that would prevent lobbyists and firms from cashing in on the massive taxpayer handout.

The two organizations have released a set of guidelines for Congress to consider as it debates a bailout plan worth $700 billion, a hastily reached, arbitrary amount since it is unknown how much the assets of the failing financial institutions are actually worth. Never before has Congress considered such a large expenditure with such little discussion or specifics.

Read the press release here.
Read the policy statement here.
Read our letter to Congress here.
Read the letter of our joint committee demanding transparency here.
Read the statement of Public Citizen president Joan Claybrook here.
Read the statement of Consumer Watchdog founder Harry Rosenfield here.