Frank Statement on March Job Numbers

Washington, DC - House Financial Services Committee Chairman Barney Frank released the following statement today following the release of March job numbers by the Bureau of Labor Statistics:

            “Today’s unemployment report is deeply troubling but not surprising.  It is now beyond argument that problems originating in our too lightly regulated capital markets have spread to the real economy causing millions of families to lose their homes and jobs.  In the first quarter of this year, almost a quarter of a million newly unemployed Americans have joined hundreds of thousands of their neighbors as victims of the Administration’s failed economic policies.

            “Even President Bush must now realize that staying the course is not acceptable.  First, Congress must act quickly to prevent a new wave of foreclosures, which will only accelerate and deepen the current recession.  Second, The Federal Reserve must continue to lower interest rates in order to encourage investment and support a return to growth.  In addition, we need to sharply increase our investments in the nation’s infrastructure.  Lastly, we must start work on expanding the stimulus package enacted earlier this year-- beginning with an extension of unemployment benefits and assistance to cities and states.”