Pelosi Statement on Obama Administration Proposal to Regulate Interconnected Financial...

Pelosi Statement on Obama Administration Proposal to Regulate Interconnected
Financial Institutions

WASHINGTON, March 24 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued
the following statement on testimony today before the House Financial Services
Committee by Treasury Secretary Timothy Geithner and Federal Reserve Chairman
Ben Bernanke on a proposal to regulate interconnected financial institutions.

"Today's testimony by Secretary Geithner and Fed Chairman Bernanke in support
of a systemic risk regulator and a more effective resolution process to unwind
large, interconnected financial institutions that become insolvent will help
us move forward in a positive way. Combined with the Obama Administration's
announcement yesterday on legacy assets, and ongoing initiatives to reduce
foreclosures, these actions will help restore the flow of credit to consumers
and small businesses and stabilize and strengthen our financial system.

"Congress and the Administration will be working closely together to make sure
that we bring common-sense reform, taxpayer protection, accountability and
transparency to the financial system.

"Chairman Barney Frank, who is leading the House's efforts to produce
bipartisan legislation to strengthen regulation of systemic risk, has held
already held hearings on this issue and will hold more soon. We have spent
much time, effort and public goodwill in rescuing our financial institutions
from catastrophic failure; it is now time for a new 'cop on the beat' to help
halt the risky practices that have driven the need for government
intervention.

"Through the actions that Congress and the Administration are taking, I am
confident that our financial institutions will become more stable, our economy
will begin to grow again and the American people will have more confidence in
investing their hard-earned dollars to secure a long-term, prosperous future."

SOURCE Office of the Speaker of the House

Brendan Daly, Nadeam Elshami or Drew Hammill, all of the Office of the Speaker
of the House, +1-202-226-7616