Pelosi Statement on Paulson Proposal to Overhaul Regulation of the Financial Markets

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

Washington, D.C. -- Speaker Nancy Pelosi issued the following statement today after Treasury Secretary Henry Paulson announced a proposal by the Bush Administration to overhaul regulation of the financial markets:

"Congressional Democrats will continue to work to provide additional assistance to millions of families at risk of losing their homes, bring much-needed relief to consumers feeling the impact of the economic downturn, and ensure meaningful regulation of the financial system.

"While Secretary Paulson's plan to restructure regulation of the financial markets is a step in the right direction, we need to go further; we must take steps now to provide help to families who are hurting. Congressional Democrats support Chairman Barney Frank's proposed reforms to help millions of Americans avoid foreclosure, and restore stability to our financial markets. We look forward to working with the Administration as we move forward."