(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.
Gosh, two in one day! Republicans are jumping ship. First, Nebraska Rep. Sen Chuck Hagel and now Maryland Rep.. Congressman Wayne Gilchrest. Republicans are waking up to the fact that the Republican ticket is a mess, it's time to save their own butts.
Good for Pelosi! Call Bush on the carpet. Let him squirm out of this. He has no answers or plans and neither does McCan't and his sidekick, Moose Rodeo clown Palin.
OBAMA BIDEN 08!
Congress should have a vote of NO CONFIDENCE in Nancy Pelosi and remove her as spaker of the House! She's been in that position for more than 2 years and hasn't done anything we Democrats elected them to do. So who does she think she's fooling now?
You think Bush is going to to do anything now?....he's been clueless for the past 8 years.
Greed! Greed! Selling American's out to the highest bidder. Wake up America, the more foreign investment, the less secure you are, there goes your job and your children's future. I heard that China already owns 39%, now the Arabs want to buy up the rest. Tell Congress to stop the selling out of America!
Hey Kristen, I'm a woman.
What a meaningless gesture from San Francisco Peosi! The do nothing congress would only do nothing!
Just imagine what it would be like with an equivocating, elitist, President Obama and an elitist Pelosi! :(
Peloski why don't you just resign? Really think about it.
Yes Kristen and it was McCain's top economic advisor that labeled Americans as whiners....and resigned head between tail...that personally authored the 1999 Gramm-Leach bill with repealed regulations on the banking industry.
The Neo-Cons want to ignore the fact they are the ones who always complain about regulations. Then when banks fail due to de-regulation they blame the Democrats.
Hey pelose, why don't you ask reid and your do nothing democrat congress. IT'S YOUR FAULT !!
I can just picture Bush sitting back twiddling his thumbs. Ugh. He makes me sick. He seems to have faded into the background while the country is in turmoil.
I think its hilarious that Republicans have been in control of the congress for 10 of the last 13 years and yet they and their blind sheep followers blame the LESS THAN TWO YEARS that the democrats have had a 51-49 majority in the Senate on all of the problems that have been mounting up for almost 10 years.
but that makes perfect sense to a party that made up a war in Iraq and that calls for tax cuts for the people and corporations that caused this mess:
"They're angry when they see that the CEO of Bear Sterns decides to jump in the market and make a little extra money off the shares that he has accumulated over the years, instead of just taking the how-many-millions that he was going to get anyway," – McCain
LETS GIVE HIM A TAX BREAK!
Oh my God...anything but this woman called Nancy Leprosi!
She is a loser. He jealosy towards Hillary Clinton may cost us the 2008 presidency. Please, please, CNN, DO NOT RUN NANCY PELOSI INFO OR WE BYCOTT your website.
Thanks Democrats for killing the American Dream.
It once was said "You can have anything if you work hard."
Now it's said "You can have anything if you hold out your hand."
Why work hard to get ahead if, when you finally become a success, the Democrats are going to tax you to death?
Why do Pelosi think we're all fools out here? I'm not a Bush supporter, but i don't think he's the only one to blame. She and some dems are right in there too.
First Bush has to crawl out from underneath his desk...the man cannot say anything that will undo all his failures during his administration.
Take action? Take action? Are you kidding, we're talking George Bush.........get real!
Vote OBAMA for change!
Eat your heart out Pelosi,, You will never be more than a do nothing Congressman. Sarah Palin will be our next president. Semper Fi,
God Bless Sarah and John, True American Heroes.
Bush, You big dummy! This is all your fault!
This is to all the people involved in political reporting on CNN news including the scriptors, reporters and executives. Why do you tell just the negative information about McCain and nothing negative about O bama? You report and side/comment against what McCain says but what Obama says you dont reply or have no negative things to say( rarely if you do), or broadcast about Obama. You should be fair in your broadcast. You make me not want to watch what your show just because your bias. Unbias news gets thee most coverage and most respected coverage. I myself am undecided in vote and from michigan ( the state w/ the highest unemployment rate).
– Very angered american once viewer
It is not the president;'s role to legislate. It is the duty and responsibility of Congress. And this congress chose to sit on their derrier instead of doing their job. 2 years of Democrats and the economy goes in the tank.
Bush impeachment that's is a must
Dont worry Bush got those letters million times he doeanst get it like Mccain.
Congratulations to the Democratic controled Congress. Your ONE accomplishment since taking control - raising minimum wage, has been a huge success. I just don't understand how all of this financial problem could have happened after that ground breaking accomplishment. You Nancy and your majority control the laws / oversights , etc... Why should we give you another term. Look at what you HAVEN'T DONE>
McCain / Palin