WASHINGTON, D.C. — Statement from Financial Services Forum President and COO Rob Nichols on the plan announced today by Treasury Secretary Henry M. Paulson:
"Bold and decisive action is necessary to effectively address the current financial crisis, which had intensified significantly in recent weeks. Our nation is fortunate to have the leadership of Treasury Secretary Henry M. Paulson and Federal Reserve Chairman Ben Bernanke during this critical time.
"We look forward to carefully reviewing the details of Secretary Paulson’s plan. We hope Congress will give it due consideration and act swiftly to avoid a deepening of the economic crisis.
"When we get past the immediate challenges, we look forward to working in a thoughtful and bipartisan manner with Congress and the next Administration on reform and modernization of the regulatory architecture of the financial system.
"The origins of the crisis are complex and will take time to fully understand. Now is the time for decisive and innovative solutions to get America’s economy back on track and to protect the jobs and savings of American workers by fundamentally addressing the root cause of our financial system's distress."
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The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 18 of the largest and most diversified financial services institutions doing business in the United States.
The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.