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Senate Republicans Prioritize FRM Bailout Over Majority of Granite Staters

Contact Name: Marina Altschiller

Phone: (603) 271-3207

CONCORD – Today, Republican members of the Senate Finance Committee voted to allocate $10 million of state funds to bailout the small number of investors impacted by the Financial Resources Mortgage Ponzi Scheme. This vote comes one day after Republican members of the Senate Finance Committee voted against funding for homeless services, child care for at risk families, and reproductive health care.

After the vote, Deputy Senate Democratic Leader Cindy Rosenwald (D-Nashua) issued the following statement:

“While we certainly sympathize with those who suffered financial harm from the FRM ponzi scheme it is not the role of the state government to use public money to pay people back for failed investments. Our goal in allocating general funds should be to help the most amount of people with the greatest need, not bailing out a small number of investors. Once again, our Republican colleagues have prioritized the few over the many.”



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