View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

hp1168: Statement by Secretary Henry M. Paulson, Jr. on Emergency Economic Stabilization Act Vote

 
September 29, 2008
hp1168
Statement by Secretary Henry M. Paulson, Jr. on Emergency Economic
Stabilization Act Vote
Washington, DC-- Secretary Henry M. Paulson, Jr. made the following statement
on the Emergency Economic Stabilization Act of 2008 vote in the House:
I'm disappointed in today's vote, but leaders on both sides of the aisle worked
hard. I've spoken to them and I know they share my great disappointment.
We have experienced significant turmoil in our financial markets in the last few
days, including the collapse of Washington Mutual and Wachovia here and the
failure of two major financial institutions in Europe. Markets around the world are
under stress, and that reduces the availability of credit that businesses across
America depend on to meet payroll and to purchase inventories. 
Families, too, feel the credit crunch as it becomes more difficult to get car loans or
a student loan.
I and my colleagues at the Fed and the SEC continue to address the market
challenges we are facing on a daily basis.  I am committed to continuing to work
with my fellow regulators to use all the tools available to protect our financial
system and our economy.
Our tool kit is substantial but insufficient. Therefore, I will continue to work with
Congressional leaders to find a way forward to pass a comprehensive plan to
stabilize our financial system and protect the American people by limiting the
prospects of further deterioration in our economy.
We've got much work to do. This is much too important to simply let fail.
 
-30 

https://web.archive.org/web/20101121111359/http://www.treas.gov/press/releases/hp1168.htm[1/16/2015 6:33:41 PM]