McCain urges creation of agency to help weak financial institutions
Posted: 09:24 AM ET
(CNN) — Republican presidential candidate Sen. John McCain said Friday
morning he would establish a new agency to deal with the “immediate” economic
crisis.
That agency, the Mortgage and Financial Institutions trust, would work
with the private sector and regulators to identify institutions that are weak
and fix them before they go broke.
“The underlying principle of the MFI or any approach considered by
Congress should be to keep people in their homes and safe guard the life
savings of all Americans by protecting our financial system and capital
markets,” McCain told the Green Bay Chamber of Commerce in Wisconsin.
McCain said the agency would be an early intervention program to help
financial institutions avoid bankruptcy, expensive bailouts and damage to their
customers.
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A case of too little, too late. Why wasn;t McCain addressing these problems before they reached the crisis level? Because he was voting with Bush 90% of the time.