PRESS RELEASE CONTACT: Charity Crouse 773-458-6071 Or Ana Del Rivero at [EMAIL PROTECTED] (mailto:[EMAIL PROTECTED]) PRESS CONFERENCE When: 4 p.m., Thursday, Sept. 25, 2008 Where: Across the street from the Federal Reserve Bank of Chicago, 230 S. LaSalle Omar Lopez Charges Rep. Luis Gutierrez with supporting Banking Deregulation On the eve of the congressional election break, U.S. Treasury Secretary Henry Paulson has called on Congress to vote on a “rescue package” for Wall Street and the financial services industry. But Omar Lopez, Green Party candidate for the Illinois 4th District Congress, opposes calls for a bailout and instead supports the call for an “economic reconstruction package” that will assist working families and individuals rather than reward those who have created the current financial crisis. Lopez will hold a press conference at 4 p.m. on Thursday, Sept. 25 at the Federal Reserve Bank, 230 S. LaSalle St., Chicago, IL, to announce his proposal and challenge Congressman Luis Gutierrez to a debate on the incumbent’s support of banking deregulation that has facilitated the current crisis. During his term, Gutierrez voted for House Res. 10, the Financial Services Act of 1999, (Gramm-Leach-Bliley Act) that introduced deregulation in the financial services industry. This bill repealed the 1933 Glass-Steagall Act and effectively dismantled protections for working people set up during the New Deal in response to the Great Depression. HR10 additionally created the current consolidation of the financial services industry by breaking down barriers between different sectors and legalizing the ability for insurance and financial industries to merge. We claim that this act contributed to the 2007 sub-prime housing loan crisis and left working people vulnerable in the current situation. Omar Lopez calls instead for federal assistance to working people through the following relief measures: --Federal assistance in modifying or forgiving Federal Student Loan debt (FAFSA, FAS) --Federal assistance in modifying or forgiving federally-backed home loans (HUD, FHA) --Federal assistance in modifying or forgiving small business loans (SBA) Gutierrez voted to bail out the wealthiest Americans and supported deregulation that has compounded the current financial situation for the majority of Americans. Will he respond to the call of his constituents and other working people to bail them out, or will he continue to us languish? Omar Lopez offers his answer to these questions and calls on Gutierrez to join him in a public exchange on this and other issues.
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