Barletta says current bailout plan not tough enough

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“The current plans on the table in Washington do not accomplish the goals I set out in my statement on Wednesday.

“There is a need for government intervention to correct this problem. However, I am not seeing anything that would strip away the golden parachutes for failing executives. There is no mandated investigative commission to get to the cause of the problem. Finally, the current plan appears to be more of a gift rather than a loan with strict requirements.

“Congress is about to reward financial institutions that think nothing of charging citizens exorbitant penalties for late payments, increasing interest rates for individuals with poor credit, and foreclosing on homes. Those institutions would receive a get-out-of-jail free card with nothing more than a slap on the wrist. These financial institutions are getting far better treatment than they give to their consumers.

“If we are going to fix this problem, we need to give Wall Street more of a workout than a bailout. Congress needs to do more to hold these companies accountable and to learn why they failed to stop the crisis."

“Republicans and Democrats in Washington continue to point fingers at each other and hold press conferences, but the problems remains. This is not acceptable to the American people.”

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