Letter to Congress on Wall Street Bailout

Date: September 24, 2008

Congress is currently considering legislation for a proposed $700 billion bailout of the U.S. financial system.

As lawmakers put together a plan to resolve this current financial crisis, there is concern that the viability of the civil justice system will be challenged. Specifically, there is proposed legislation that would grant the Treasury Department authority to limit or affect private litigation against the parties responsible for creating this crisis, or any prohibition on judicial review and perhaps grant immunity to those who bear responsibility for the current financial crisis.

As concerned citizens who will be directly effected by the bailout , we should contact our representatives in Washington and express our concerns. It is especially important that we contact the members of the House Committee on Financial Services including U.S. Representatives Paul Kanjorski and Jim Gerlach and the Senate Banking Committee including Sen. Robert Casey.

A sample letter is set forth below.
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Letter to Congress on Proposed Wall Street Bailout

Dear Representative or Senator:

As Congress is considering legislation for a proposed $700 billion bailout of the U.S. financial system, I am deeply concerned that our civil justice system will be disregarded. Specifically, I oppose any legislative proposal granting the Treasury Department authority to limit or affect private litigation against the parties responsible for creating this crisis, or any prohibition on judicial review. This crisis cannot be used to take away 7th Amendment rights.

Granting the Secretary broad, unfettered authority could wipe out pending or future claims against the parties responsible for creating the current financial crisis. We must protect the legal rights and remedies afforded to the nation\’s shareholders and investors, including millions of pension fund participants whose retirement funding and savings could be wiped out in the current crisis.

In addition, any prohibition on judicial review is unacceptable. Judicial review of the Secretary\’s actions is critical to ensuring the success of the bailout. Checks and balances are a cornerstone of our democratic government. The current economic crisis was caused in part by a lack of oversight and transparency. We should not aim to resolve this problem by instituting a system where a non-elected public official can act without any checks by any branch of the government. Congress should explicitly provide for judicial review in any bailout legislation. The current financial crisis calls for enhanced regulation and stronger rights for individual investors.

Sincerely,

Joe Price
Attorney Joe Price is a seasoned Trial Lawyer serving Northeast, Central and Southeast Pennsylvania for the past forty (40) years. He has handled serious personal injury cases in courts throughout the Federal system including New Jersey and New York. Attorney Price is A.V. Rated by Martindale Hubble. He is Board Certified in Civil Practice by the National Board of Trial Advocacy since 1996.