Pelosi: Congress Uncovering Excesses of Wall Street While Pushing President on Economic Recovery Plan

Oct 6, 2008
Press Release

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. – Speaker Nancy Pelosi released the following statement today on the sweeping Congressional investigation of the financial crisis and the need for the President to work with Congress to pass an economic stimulus and job creation package:

"Last week’s enactment of the emergency rescue law is only the beginning of uncovering what went wrong due to deregulation and no supervision of our financial system. We will work diligently to develop common sense reforms and to change the way Wall Street is held accountable.

"Congress will build on our work to insulate Main Street from Wall Street. The House has already passed an economic recovery and job creation stimulus package that helps families struggling to find work and afford basic living expenses in this tough economy. We need the President to join this effort by supporting the package and calling on Republican senators to end their opposition to its consideration in the Senate. While Congress will uncover the excesses of Wall Street in the coming weeks, we will continue to push the President to accept solutions that will bring relief to millions of Americans struggling in today’s economy."

"A critical first step was today’s hearing by the Oversight and Government Reform Committee into the failure of deregulation, how it resulted in unprecedented government intervention in our financial markets, and the role of hedge funds and credit rating agencies in the run-up to the financial crisis. Other House Committees will examine how regulators and business leaders compromised the public interest and the nation’s retirement security."