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Last updated 7:56PM ET
March 3, 2021
Alabama
Alabama
Ala. Senator Opposes Treasury Bailout Plan
(2008-09-22)
(APR - Alabama Public Radio ) - Sen. Richard Shelby of Alabama is criticizing the Bush administration's latest proposal for staving off a financial meltdown, saying the plan for a $700 billion bailout is ``hastily crafted'' and unworkable.

Shelby, the top Republican on the Senate Banking Committee, said Congress should come up with a more comprehensive solution. He said it would be ``foolish'' to spend so much public money on an idea that was developed so quickly and might not work.

Shelby, from Tuscaloosa, has been a key player in the government response to the financial crisis. He earlier criticized the Treasury Department for deciding to bail out individual companies, saying smaller companies fail frequently and the government shouldn't pick winners and losers.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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