Tucson, AZ— Congressman Raúl M. Grijalva issued the following statement today following comments by Treasury Secretary Henry Paulson and President Bush on the financial crisis:

“This country is in the suffering a large economic crisis that requires immediate action. Recent events have threatened Wall Street and the global economy. Congress must be committed to the American people by keeping people in their homes by reducing mortgage foreclosures, saving retirement benefits and restoring confidence in the markets for the benefit of all Americans.

“The plan that was introduced today must be temporary and coupled with tough new oversight and regulations of our financial institutions. There must be total transparency to this plan. For far too long, this Administration has been more than willing to help Wall Street firms and their CEOs by eliminating consumer protections, given with the lack of oversight, has taken us to where we are today. We must take steps to ensure consumers are protected.

“We must stabilize our financial markets and balance accountability to the U.S. taxpayer with protecting American families from the crisis’ fallout.”