Keith Ellison: “Let me thank Chairman Frank for bringing this critical legislation to the floor. When Congress passed the emergency…”

“Let me thank Chairman Frank for bringing this critical legislation to the floor. When Congress passed the emergency financial services rescue package last fall, we included specific provisions to help distressed homeowners. Unfortunately, the Bush administration decided to help out Wall Street with these funds while ignoring the needs of Main Street. The fact is that this piece of legislation, carefully crafted and now working with an amenable and a cooperative administration, is in a much better position to meet the needs set forth in the original legislation, which is to help homeowners. The bill requires at least $40 billion, but no more than $100 billion, be used to help distressed homeowners. Finally, I am excited to report that there is a measure that I authored with other Members which provides reasonable protections for bona fide renters, which is something I'm very happy about. I am pleased to be able to support this legislation today.”