PRESS RELEASE
Office of Assemblymember Paul Krekorian
Adrin Nazarian Chief of Staff
620 N. Brand Blvd. Suite 403
Glendale, CA 91203
(818) 240-6330
(818) 240-4632 fax
[email protected]
November 14, 2008
(818) 240-6330
Assemblymember Paul Krekorian Appointed
to Emergency Finance Committee
Burbank Lawmaker Will Work on Responses to Mortgage Crisis
Sacramento, CA – Today, Speaker of the Assembly Karen Bass appointed
Assemblymember Paul Krekorian (D-Burbank) to a special Banking and
Finance Committee that will be formulating emergency responses to
California’s mortgage and credit crisis.
"The national and international financial crisis has been devastating to
Californians," said Krekorian. "Countless families are struggling to
avoid foreclosure of their homes, and many more are being frozen out of
the American Dream because of the unavailability of credit. I’m eager
to get to work on developing solutions that will ease the impact of the
crisis, stimulate economic activity, and prevent the kind of predatory
lending practices that created much of the problem."
Governor Arnold Schwarzenegger called an emergency legislative session
on November 6 to remedy an estimated $11 billion budget shortfall, and
to invigorate California’s economic health, which has taken a beating
from a nationwide housing crisis, poor performance on Wall Street, and a
dismal jobs report. The Speaker created the special Banking and Finance
Committee to address these issues during the emergency session.
"Since this year’s budget was signed in September, California’s housing
crisis has gone from bad to worse, people have lost their life savings
on Wall Street, and our budget deficit has escalated to over ten billion
dollars," said Assemblymember Krekorian. "We must act quickly and
decisively to solve this crisis. I look forward to working with Speaker
Bass and my colleagues on both sides of the aisle to achieve practical
solutions to help California families during this especially difficult
period."
Assemblymember Paul Krekorian (D-Burbank) represents the cities of
Burbank and Glendale, and the Los Angeles communities of Atwater
Village, Los Feliz, North Hollywood, Silver Lake, Toluca Lake, Valley
Glen, Valley Village and Van Nuys.
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