Shays Admits He Didn’t Pay Attention to Regulation
FOR IMMEDIATE RELEASE
Thursday, October 02, 2008
Says crucial bill he voted for didn't have "the kind of regulation we needed."
BRIDGEPORT, CT - Yesterday, as the Senate considered measures to keep our financial system afloat, Representative Christopher Shays finally conceded that the financial crisis is the result of insufficient regulation. In an interview on C-SPAN, Shays conceded that "When we passed that law [Gramm-Leach-Bliley], we didn't look to make sure that we had the kind of regulation we needed." The Himes campaign issued the following response:
"The meltdown on Wall Street shows that we are all paying the price for Chris Shays' failure to regulate," said Michael Sachse, spokesman for the Himes Campaign. "Chris Shays has said 'The last thing I like seeing is regulation' -- I guess he prefers bailouts. As someone who's actually worked in business, Jim knows that smart regulation is important to keeping our markets safe and stable."
Background:
Chris Shays on C-SPAN, 10/1/08:
http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=281525-4
