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Albany, NY - In an open letter to Congressional leadership, Governor David Paterson today urged Congress to include state representation in oversight responsibilities for the implementation of the Emergency Economic Stabilization Act.

The Governor also announced that he will testify before the House Ways & Means Committee on Wednesday for a hearing on “Economic Recovery, Job Creation and Investment in America,” in which he will urge the Federal Government to take specific action to address the national financial crisis.

In his letter to House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell, and House Minority Leader John Boehner, Governor Paterson called for the states to have representation on the five-member Congressional Oversight Panel created as part of the bailout plan.

This Oversight Panel is charged with overseeing the implementation of the Treasury’s multifaceted program, including the effectiveness of its foreclosure mitigation efforts, and will issue a Special Report by January 20, 2009, which will assess the current financial regulatory system and make recommendations for improvement.

“Given the importance that financial institutions have to state economies, and the devastating impact that foreclosures are having on communities, state representation in the overview process would provide a unique perspective and valuable input,” said Governor Paterson.

“States are in a unique position with first-hand experience and should be considered a valuable contributor in future discussions about the regulatory framework for the 21st century.”

New York was one of the first states in the country to take aggressive preventative action to address the subprime lending crisis. The state enacted landmark legislation to protect homeowners from foreclosure and prevent a future mortgage crisis.