Wilson: "South Carolinians deserve answers and accountability"

FOR IMMEDIATE RELEASE
October 8, 2008

Congressman Joe Wilson (SC-02) issued the following statement today in support of Congressional hearings into corruption and bad practices by Wall Street corporate executives. Additionally, Congressman Wilson supports the call by House Republicans on the Committee on Oversight and Government Reform to hold hearings into the loosened lending practices at Fannie Mae and Freddie Mac that began in the mid 1990s.

"I am disappointed at the greed exhibited by executives on Wall Street. Their actions are having very real and negative effects on the jobs and retirements of hardworking Americans. Taxpayers in South Carolina are justifiably angered by the millions of dollars some executives received even after their companies had failed.

"Reports indicate that Federal law enforcement officials are already examining potential fraud by individuals in the financial services industry. I am grateful for their efforts. But, Congress has its own role to play in exposing the misdeeds and mishandling by Fannie Mae and Freddie Mac and other fraudulent mortgage practices. I am determined to work with my colleagues to fix the problem and hold individuals accountable for their actions.

"Congress needs to do more to investigate how we got into this crisis, who led us here willfully or not, and how we fix the underlying causes of this financial breakdown. South Carolinians deserve answers and accountability."

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