Boehner Forms Working Group to Address Savings Losses
House Minority Leader John Boehner (R-Ohio) will task a group of GOP Members this week with coming up with solutions to help Americans who have sustained heavy losses to their long-term investments because of the ailing financial markets.
Boehner laid out the initiative to members of the GOP’s elected leadership committee during a closed-door meeting Tuesday — one day after the markets on Wall Street closed at the lowest level since 1997, according to a GOP leadership familiar with the meeting.
Much like the economic working group created by Boehner in January and led by Minority Whip Eric Cantor (R-Va.), the Solutions for Savings group will work to produce a Republican plan to help rebuild savings plans such as 401(k)s that have been hit hard by the financial crisis, the aide said.
The members of the group, which will be led by Boehner, have not been finalized because many lawmakers were in transit to Washington, D.C, on Tuesday, according to the aide.
Boehner spokesman Michael Steel confirmed the formation of the group and said that Republicans were working to produce solutions to the crisis in anticipation of possible House action on the issue.
“Republicans know that American families are hurting, and we’re working to offer solutions — rooted in our principles — that address their concerns,— he said. “The turmoil in the stock market is not just a problem for Wall Street tycoons, it is affecting families across the nation that are struggling to save for retirement, for a home down payment or to send their kids to school.—
He added: “We need innovative ideas that empower the American people, not government bureaucrats.—
A hearing similar to the one held in January by Cantor’s group that produced the principles outlined in the Republican economic stimulus solutions has not been scheduled yet, but the leadership aide said having one has not been ruled out.