Speaker Pelosi sent the following letter this evening to President Bush urging him to give a comprehensive and effective systemic response to ongoing turmoil in the financial markets and saying that the worsening economy demands that we have another economic recovery package.
Below is a text of the letter:
September 18, 2008
The Honorable George W. Bush
The President of the United States
The White House
1600 Pennsylvania Avenue, NW
Washington, D.C. 20500
Dear Mr. President:
The worsening crisis in our financial markets demands strong solutions and decisive leadership.
Already, House and Senate committees are investigating both the regulatory lapses and market oversight failures that resulted in this crisis, as well as possible solutions. This work will continue.
Accordingly, we stand ready beyond the targeted adjournment date of September 26 to permit Congress to consider legislative proposals and conduct necessary investigations.
Going forward, we need to understand how government failed to prevent this financial crisis, and how we can avoid future mismanagement and denial.
Thus far, we have seen a reactive, case-by-case approach to a severe crisis — a crisis attributable in part to a history of indifference to responsible regulation of the financial markets. We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil — one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street's crisis.
The worsening economy demands another bipartisan economic recovery effort. This effort must address:
investment in infrastructure for economic growth and job creation here at home,
home heating assistance at a time of record energy costs,
extended Unemployment Insurance for the growing number of Americans looking for work,
Food Stamps that will help ensure we feed hungry families in a time of crisis, and
assistance to maintain critical health care coverage jeopardized by state budget cuts.
We stand ready to work with you and your Administration to consider constructive solutions that stabilize our financial markets and balance accountability to the U.S. taxpayer with protecting American families from the crisis's fallout.
Thank you for your attention to these matters of importance to every American family.
Speaker of the House