September 18, 2008
Posted: 06:11 PM ET
From CNN Congressional Producer Deirdre Walsh (CNN) — House Speaker Nancy Pelosi is sending a letter to President Bush pressuring him to offer a "comprehensive and effective systemic response to ongoing market turmoil." "We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil — one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street’s crisis," Pelosi writes in the letter. She also says Congress will be willing to stay on Capitol Hill beyond the target adjournment date of September 26 to deal with the problem. Full letter after the jump
Dear Mr. President: The worsening crisis in our financial markets demands strong solutions and decisive leadership. Already, House and Senate committees are investigating both the regulatory lapses and market oversight failures that resulted in this crisis, as well as possible solutions. This work will continue. Accordingly, we stand ready beyond the targeted adjournment date of September 26 to permit Congress to consider legislative proposals and conduct necessary investigations. Going forward, we need to understand how government failed to prevent this financial crisis, and how we can avoid future mismanagement and denial. Thus far, we have seen a reactive, case-by-case approach to a severe crisis - a crisis attributable in part to a history of indifference to responsible regulation of the financial markets. We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil — one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street’s crisis. The worsening economy demands another bipartisan economic recovery effort. This effort must address: We stand ready to work with you and your Administration to consider constructive solutions that stabilize our financial markets and balance accountability to the U.S. taxpayer with protecting American families from the crisis’s fallout. Thank you for your willingness to work with us to address these issues which affect every American family. Sincerely, Nancy Pelosi Filed under: Nancy Pelosi
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