MS. PERINO: Good afternoon. Obviously, one of the biggest stories of the day is what's happening in our financial market. Secretary Paulson has graciously given us some of his time today -- he doesn't have an endless supply of it, so please keep that in mind, and we'll try to let him answer as many questions as he can before he needs to go. And then I'll come back up and finish up the briefing. SECRETARY PAULSON: Good afternoon, everyone. And I hope you all had an enjoyable weekend. (Laughter.)
Well, as you know, we're working through a difficult period in our financial markets right now as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system. I commend the SEC and the Fed for their work over the weekend, convening leaders of financial institutions from around the world to meet the current challenges and put measures in place to reduce market stresses. I'm particularly pleased that these major market participants were willing to make extraordinary commitments to market stability as we manage through this turmoil. Their actions will complement the important steps taken by the Fed and the SEC that will help to minimize disruptions to our markets and to our broader economy. As you've heard me say before, the strength and stability of our financial markets is important to every American, to their household budget, to their ability to find affordable financing for a home, a car, a college tuition and to finance small business expansion. Let me step back a bit and provide a little perspective. As I've long said, the housing correction is at the root of the challenges facing our markets and our financial institutions. I believe that we've taken very important steps with respect to Fannie Mae and Freddie Mac, and they're amongst the most important actions we can take to work through this turmoil. Lastly, I'm committed to working with regulators here and abroad, as well as policymakers in Congress, to take additional necessary steps to maintain the stability and orderliness of our financial markets. Thank you, all -- now let me take your questions.
seen at 09:00, 15 September
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Whitehouse Press Briefings.
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