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Pelosi Statement on Bipartisan Legislation to Address Crisis in Financial Markets

September 28, 2008

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

Washington, D.C. - Speaker Nancy Pelosi and Congressional leaders held a press availability in the Capitol this evening following negotiations on bipartisan legislation to address the financial crisis. Below are her remarks:

"Good Evening. For the last several hours, the Chairs of our committees, Mr. Frank and Mr. Dodd, as well as Senator Judd Gregg, and Mr. Blunt, representing the House Republicans, have worked with Secretary Paulson and others from the Administration to resolve our differences so that we can go forward with a package to stabilize the markets, and most importantly, to protect the U.S. taxpayers.

"We had agreed in principle, a number of days ago, on issues that related to oversight, related to, again, protecting the taxpayers by having equity in the upside whenever transactions took place, by having forbearance in terms of mortgage foreclosures, and by addressing the issue of executive compensation. All this is done in a way to insulate Main Street and everyday Americans from the crisis on Wall Street. And in doing so bring stability to the markets as we try to turn around our economy and protect our taxpayers.

"We've made great progress, we have to get it committed to paper so that we can formally agree, but I want to congratulate all the negotiators for the great work that they have done. I want to acknowledge Chairman Frank and Rahm Emanuel, who represented House Democrats on the team, and others will acknowledge their representatives as well. I want to particularly thank Secretary Paulson for his endurance, for the knowledge he brings to the subject, and for his determination to get the job done in order to send a good strong message to the markets. With that, I am pleased to yield to the distinguished Majority Leader of the Senate, Senator Reid."