(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:
• investment in infrastructure for economic growth and job creation here at home,
• home heating assistance at a time of record energy costs,
• extended Unemployment Insurance for the growing number of Americans looking for work,
• Food Stamps that will help ensure we feed hungry families in a time of crisis, and
• assistance to maintain critical health care coverage jeopardized by state budget cuts.
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.
Barack Deserves a good legislative branch...
I agree with EACH of your frustrations. BUT IS IMPORTANT TO REMEMBER... THE REPUBLICANS ACTUALLY UTILIZED A STRATEGY TO NOT ALLOW 'ANYTHING' OF SUBSTANCE TO OCCUR IN THIS PARTICULAR CONGRESS.
there have been a record number of Republican filibusters. THAT is the reason for the lack of real progress. But, take heart... this WILL change once we achieve a both a veto-proof majority, AND a filibuster-proof majority.
Pelosi needs to get off her donkey and go back to clean up her own State which is a mess. She only has been doing these inmature acts and lack of leadership acts because she has a gavel in her hand. I say we fire the majority of congress and hire new people what want to SERVE the people and our country.
Have you guys noticed that nobody ever takes this woman seriously. Nobody listens to her. She sounds like Barbara Boxer of Carlifornia.
You have to give Nancy Pelosi credit for at least trying. Its way more than Bush and his administration intend to do. Bush might as well go on vacation in Crawford the rest of the year and watch America fall apart piece by piece from the safety of his Texas ranch or least until Cindy Sheehan decides to show back up.
Is this Pelosi's first day on the job?
The most ineffective leader of the least-liked congress in the history of polling – that Nancy Pelosi?
Her best idea is to ask Bush for HIS best idea?
Is she on some kind of drug?
Old crow Pelosi must have forgot that Congress enacts laws. McCain warned against this years ago. The Democratic majority is clearly at fault, yet they blame Bush. Pelosi/Reed/Obama = socialist disaster for America.
Is NAVY Veterans in VIRGINIA for McCain!
We need to get a majority in the congress and senate to get things done.
The goverment underwriting private bussiness and the taxpayer is underwriting the goverment, is this a new form of socialism Mr. Bush, or is it mr. Danger as Hugo Chaves calls you, maybe you should give him a call and get some advice? And another thing, What is the difference in Nation Building and Imperilism? Obama 08
I saw Pelosi on TV. Financial crises? Bush's fault.
Housting crises? Bush's fault.
PMS? Bush's fault.
This lady is the worst representative in American history. She offers no solutions, only blame.
I understand the Democrat-controlled Congress is adjourning, since there's nothing they want to do going on.
Did Speaker Pelosi leave a forwarding address for a response, or does she not want to be bothered?
For all of the people that are saying that Democrats had 2yrs to clean up congress. It is unfortunately taking longer to clean up all the mess that the Republicans have made! Pelosi is on target. Bush is not going to do anything like the rest of his tenure in office.
Pelosi and Reid should start by resigning. The problem is Congress. I could care less if they are Dems or Repubs, this is the most clueless, incompetent joke of leadership I have ever seen. Greed and stupidity have ran the House and Senate for almost 20 years. This Congress is a total disgrace. Any incumbent will NOT get my vote.
I'll mess with Texas!
Pelosi is a pawn...she hasnt done a thing to help this country, let alone lead the senate. That is why her approval rating is lower then Bush's. Tells us how much she knows.,
George Bush and the republicans want this economic turmoil it will bring the desperation that's necessary to get cheap wages.
Yes that's right they have spent the past 80 years fighting to destroy a working mans attempt to get a living wage and any measure of security as evidenced to their opposition to Social Security.
If we elect BO, and the dems take over both houses and nothing changes who do we blame then. I have zero faith in BO doing anything to significantly improve the current financial situation. They have done nothing since gaining power and will do nothing over the next four years. That is a fact you can believe in!
Pelosi's answer as follows:
you conveniently forgot to mention that the mortgage meltdown was allowed because PHIL GRAMM lobbied for UBS for DE-REGULATION...
ALSO please remember YOUR GUYS... the REPUBLICANS controlled all three branches of government for 6 of the last 8 years...
IT WILL TAKE YEARS TO REVERSE DAMAGE "YOU" HAVE INFLICTED ON THIS COUNTRY...... "YEARS"
Don't worry Nancy. 47 days and they'll be on the way out and you'll have gained more of an edge in the Senate. The GOP supporters just point fingers and don't have a clue about their own party's record number of filibusters and Bush's record number of vetoes to the bills you guys try to push.
The sad part is that these same GOP supporters would benefit the most under an Obama administration.
Nancy-take care of your children and grandchildren and thumb sucking Harry....pull a Hillary and just GO AWAY for the future of America...
D E M O C R A T S have taken twice as much lobby money, who the heck does Pelosi think is responsible for this mess?
Go ahead, elect Obama and watch the biggest recession since Carter hit America. Not to mention the terrorist who are no longer afraid, the illegals who won't have a worry, and the "unemployed" whole be living off hard working people's taxes.
OBAMA IS MR. NO. NO EXECUTIVE EXPERIENCE,NO ECONOMIC EXPERIENCE AND NO FOREIGN EXPERIENCE. PEOPLE,WE CAN NOT AFFORD TO HAVE THE NEXT PRESIDENT BE ON THE JOB TRAINNING PERIOD.
NO WAY! NO HOW! NOBAMA!
Oh Nancy – tell Sen. Dole not to bother coming to NC with her lies any more, we're replacing her with a democrat.
i am noticing all the attackers of Pelosi...
ALL say the same TIRED AND EXHAUSTED (and dumb) talking points.
SOMEBODY FROM THE RIGHT "ADMIT" AND ADDRESS THE "FACT" THAT YOU HAD CONTROL OF THE ALL BRANCHES OF THE GOVERNMENT FOR 6 OF THE LAST 8 YEARS... THEN TALK ABOUT THE RECOR NUNMBER OF FILIBUSTERS AS A FREAKING STRATEGY !!!! ENOUGH WITH THE MIS-INFORMATION GARBAGE!
E N O U G H !