Press Releases

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.