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Statement on this Morning's Action by the Federal Reserve

Contact: Press Office, 703-650-5550; www.JohnMcCain.com

 

ARLINGTON, Va., October 8 /Standard Newswire/ -- U.S. Senator John McCain today issued the following statement on the Federal Reserve cut:

 

"I applaud the move by the Open Market Committee of the Federal Reserve and other national monetary authorities to reduce interest rates to address the financial crisis spreading across the globe. It is imperative at this moment that government be responsive to the needs of Americans, restore confidence in our financial system, provide assistance to struggling homeowners, and implement pro-growth policies that will create jobs and provide a foundation for a more prosperous future. That is why last night, I called for an American Homeownership Resurgence Plan -- a plan to use taxpayer money not just to bail out Wall Street, but instead to keep families in their homes and to stabilize financial markets from the bottom up. I am committed to protecting the American worker in this crisis. I am dedicated to reforming the corruption in Washington and on Wall Street that is the root of the financial system meltdown. I will get the economy back on track."


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