    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [September 29, 2008]
    [Pages 1254-1255]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on Economic Stabilization Legislation
    September 29, 2008

        Good morning. Yesterday leaders here in Washington reached an
    extraordinary agreement to deal with an extraordinary problem in our
    economy. Working closely with my administration, congressional leaders
    from both parties produced the Emergency Economic Stabilization Act, a
    bold bill that will help keep the crisis in our financial system from
    spreading throughout our economy.
        This legislation deals with complex issues, and negotiators were
    asked to address them in a very short period of time. I appreciate the
    leadership of Members on both sides of the aisle who came together when
    our Nation was counting on them. Negotiations are sometimes difficult,
    but their hard work and cooperation paid off.
        The bipartisan economic rescue plan addresses the root cause of the
    financial crisis, the assets related to home mortgages that have lost
    value during the housing decline. Under the Emergency Economic
    Stabilization Act, the Federal Government will be authorized to purchase
    these assets from banks and other financial institutions, which will
    help free them to resume lending to businesses and consumers.
        The bill also includes other important ideas put forward by Members
    of Congress from both parties. For example, the bill requires the
    establishment of a guarantee program that will insure assets at no cost
    to the taxpayer. The bill provides strong bipartisan oversight, so
    Americans can be certain that their tax dollars are used carefully and
    wisely. The bill ensures that failed executives do not receive a
    windfall from your tax dollars.
        With this strong and decisive legislation, we will help restart the
    flow of credit so American families can meet their daily needs and
    American businesses can make purchases, ship goods, and meet their
    payrolls. We'll make clear that the United States is serious about
    restoring confidence and stability in our financial system.
        I know many Americans are worried about the cost of the bill, and I
    understand their concern. This bill commits up to 700 billion taxpayer
    dollars, because a large amount of money is necessary to have an impact
    on our financial system. However, both the nonpartisan Congressional
    Budget Office and the Office of Management and Budget expect that the
    ultimate cost to the taxpayer will be far less than that. In fact, we
    expect that over time, much, if not all, of the tax dollars we invest
    will be paid back.
        Now that this legislation has been agreed to by leaders of both
    parties, it must be passed by Houses--both Houses of Congress. And I
    fully understand that this will be a difficult vote. But with the
    improvements made to this bill, I'm confident that members of both
    parties will support it. Congress can send a strong signal to markets at
    home and abroad by passing this bill promptly. Every Member of Congress
    and every American should keep in mind:

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    A vote for this bill is a vote to prevent economic damage to you and
    your community.
        This has been a volatile time for our financial system and our
    economy. Even with the important steps we're taking to address the
    current crisis, we will continue to face serious challenges. The impact
    of the credit crisis and the housing correction will continue to
    pressure our financial system and impact the growth of our economy for
    some time. But I'm confident that this rescue plan, along with other
    measures taken by the Treasury Department and the Federal Reserve, will
    begin to restore strength and stability to America's financial system
    and overall economy. And I'm confident that in the long run, America
    will overcome these challenges and remain the most dynamic and
    productive economy in the world.
        Thank you.

    Note: The President spoke at 7:34 a.m. on the South Lawn at the White
    House. In his remarks, he referred to H.R. 3997. The Office of the Press
    Secretary also released a Spanish language transcript of these remarks.