WASHINGTON – Congressman Paul Kanjorski (D-11), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, delivered the only Democratic opening statement at the House Financial Services Committee hearing entitled “The Future of Financial Services: Exploring Solutions for the Market Crisis.”  Treasury Secretary Henry Paulson, Jr. and Federal Reserve Chairman Ben Bernanke are currently testifying at this hearing which aims to address the current economic crisis.

“In my view, the current dire circumstances require that the American people receive more information, rather than less”, Kanjorski told the hearing.  “The era of deregulation is over.  As many of us on this side of the aisle have long believed, only regulation can save capitalism from its own excess. In sum, the economy is a man-made construct:  Man made it, and man can fix it.  I am committed to doing just that.”

Pennsylvania’s two U.S. senators weighed in:

Democrat Senator Casey Robert Casey: “The greatest risk we face this week is that we will not do everything we can here and now.  The American people and the entire world are watching what we do.  We must get it right.”

Republican Senator Arlen Specter:  “I am very skeptical about granting authority to spend $700 billion on other aid without standards as to who should get the funds and a requirement that there be demonstrated necessity that such additional expenditures are indispensable to stabilizing the economy.”