Statement by the President on Legislation to Address Crisis in Financial Markets

Over the weekend, members of my Administration and congressional leaders worked on legislation to address the crisis in our Nation's financial markets. They made good headway toward a bill that can pass the House and Senate in a timely manner, and the American people appreciate their efforts.

Obviously, there will be differences over some details, and we will have to work through them. That is an understandable part of the policy making process. But it would not be understandable if Members of Congress sought to use this emergency legislation to pass unrelated provisions, or to insist on provisions that would undermine the effectiveness of the plan. I appreciate Members of Congress in both parties resisting the urge to do so, and keeping the rescue bill focused on solving the crisis in our financial markets.

Americans are watching to see if Democrats and Republicans, the Congress and the White House, can come together to solve this problem with the urgency it warrants. Indeed, the whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses, our housing sector, and retirement accounts.

Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street.

Everyone recognizes that it's not easy to write a bill of this magnitude in a timely manner, and all those who have worked so hard over the weekend and continue this morning deserve the thanks and appreciation of every American. Working together, I am confident we can enact the legislation necessary to prevent lasting damage to our economy and meet the unique challenge facing us today.