Frank Statement on July Unemployment Numbers

Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, issued the following statement on the July unemployment numbers released today:

“Today’s release of the employment numbers in the United States presents a mixed picture.  It is of course continued bad news that the American people are still losing jobs.  But the substantial decline in the number from previous months strongly suggests that this number is an aberration, and more importantly, that the fiscal stimulus package and measures to increase liquidity are succeeding in getting us out of the deep recession that President Obama inherited from the Bush administration. 

“In policy terms, this argues strongly for the continuation of these efforts, including further measures to alleviate the distress that unemployed people are facing.  This strengthens my view that we should draw on the interest, dividends and warrants from TARP recipients to establish a revolving loan fund so that people who have lost their jobs do not also lose their homes.  Lending money to the unemployed for up to two years so that they can make their mortgage payments will further the recovery and prevent an increased wave in foreclosures. The prospects that the currently unemployed will be able to go back to work and repay these loans mean that this can be done without a significant negative impact on the federal deficit.” 

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