skip to main contentskip to popular page linksskip to main navigation links
Office Hours Program Social Security Calculator Translate this page into another language
photo of Mike Capuano Michael E. Capuano representing the 7th district of Massachusetts in the U.S. House of Representatives Go to the House of Representatives homepage
Visit Mike's video channel on YouTube Like Mike on Facebook


 My Schedule My Voting Record District Maps Register To Vote FAQ Site Map e-Updates
Print Version-Press release: Capuano Raises Concerns about the Fed's Recent Actions to Stabilize Financial Markets


Congressman Mike Capuano Raises Concerns about the Federal Reserve's Recent Actions to Stabilize Financial Markets

Asks Congressional Budget Office for Cost Analysis

September 15, 2008

Congressman Mike Capuano (MA-08), a member of the House Financial Services Committee, today expressed strong reservations about the Federal Reserve's recent actions to weaken the collateral standards for the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility Term (TSLF).

While commending Treasury and the Federal Reserve for not providing direct financial assistance this time, Congressman Capuano wrote: "By allowing riskier types of collateral to be accepted in exchange for these federal loans, taxpayer money is put further at risk."

The current financial crisis continues to intensify. As the troubles with Lehman Brothers and Merrill Lynch are addressed, other financial firms are facing difficulties and they too could seek federal assistance at some point.

"I am not convinced that providing increasing amounts of taxpayer dollars, whether through lending facilities or direct bailouts, is an appropriate or efficient step to address this crisis. At what point and under what conditions will the federal government stop intervening?" Congressman Capuano wrote.

Congressman Capuano urged Secretary Paulson and Federal Reserve Chairman Bernanke to delay committing additional taxpayer dollars until the Congressional Budget Office (CBO) responds to his request to provide an estimate of federal dollars committed to date, including the cost of efforts to help Bear Stearns, Fannie Mae and Freddie Mac. The letters were sent on Monday September 15, 2008.

Letter to the Congressional Budget Office PDF
Letter to the Federal Reserve Board PDF


Contact: Alison M. Mills (617) 621-6208

Home | About | Biography | Contact | Issues | Links | News | Schedules | Services

E-Updates | Site Map | Privacy Policy | Accessibility

110 First Street
Cambridge, MA 02141
P: (617) 621-6208
F: (617) 621-8628

Roxbury Community College
Campus Library
Room 211

Stetson Hall
Room 124
6 South Main Street

  Constituent Services Click to close menu
  Casework and Constituent Assistance
  Citizenship/Naturalization Information
  Immigration Casework
  Ordering Flags Flown Over The Capitol
  Presidential Greetings
  U.S. Service Academy Nominations
  Internship Programs
  Washington, D.C. Attractions
  Grants and Federal Domestic Assistance
  News and Multimedia Center Click to close menu
  Recent Votes
  Press Items
  Video and Audio
  Photo Gallery
  Legislative Issues Click to close menu
  Mike on the Issues
  Recent Votes
  Mike's Voting Record
  Scorecards for Mike's Votes in Congress
  Legislation Sponsored by Mike
  Earmark Requests
  Committees and Caucuses
  Ethics Task Force
  Congressional Schedules Click to close menu
  Mike's Schedule
  House Floor Summary
  Weekly House Schedule
  Annual House Calendar
  Weekly Senate Schedule
  About The 7th District Click to close menu
  The 7th District Over the Years
  Nobel Prize Winners
  Interesting facts about Massachusetts
  Massachusetts Links
  Links Click to close menu
  Massachusetts Links
    State Government
    About the 7th District
    Arts, Culture and Attractions
    Chambers of Commerce
    Colleges and Universities
    Exploring Massachusetts
    Hospitals and Health Organizations

  Federal Government Links - Official Government Portal
    Legislative Branch
    Executive Branch
    Judicial Branch
    Federal Agencies
    Kids' Pages
    Register to Vote
    Washington, D.C. Attractions
    Business Opportunities with the Government

  Links For Students
  Contact Mike Click to close menu
  District Office
  Washington, D.C. Office
  Office Hours Program
  Community Meetings
  E-mail Mike's Office