[Weekly Compilation of Presidential Documents Volume 44, Number 41 (Monday, October 20, 2008)]
[Pages 1335-1336]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks Following a Meeting With G-7 Finance Ministers and the Heads of 
International Finance Institutions

October 11, 2008

    Thank you all very much. Good morning. Secretary Paulson, Secretary 
Rice, and I just had a productive discussion with finance ministers of 
America's partners in the G-7: Canada, France, Germany, Great Britain, 
Italy, and Japan. I'm pleased to be with Prime Minister Juncker of 
Luxembourg, who is the President of the Eurogroup of countries, Managing 
Director Strauss-Kahn of the International Monetary Fund, President 
Zoellick of the World Bank, Chairman Draghi of the Financial Stability 
Forum. Thank you all for coming.
    I appreciate the spirit and common purpose that these leaders have 
brought to Washington. We recognize that the turmoil in the financial 
markets is affecting all our citizens. Citizens are rightly concerned 
about

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the crisis. And we understand that in dealing with the financial crisis, 
we're really helping people be able to have a better future themselves.
    In my country, it is important for our citizens to have understood, 
that which affects Wall Street affects Main Street as well. And all of 
us recognize that this is a serious global crisis and, therefore, 
requires a serious global response for the good of our people. We 
resolve to continue our strong efforts to return our economies to the 
path of stability and long-term growth.
    The United States has a special role to play in leading the response 
to this crisis. That's why I convened this morning's meeting here at the 
White House, and that is why our Government will continue using all the 
tools at our disposal to resolve this crisis. At our meeting, Secretary 
Paulson and I described the bold actions the United States has taken 
over the past few weeks.
    To help thaw frozen markets, the Federal Reserve has taken 
unprecedented measures to boost liquidity. The Securities and Exchange 
Commission has cracked down on abusive practices in the markets. Federal 
agencies have significantly expanded the amount of money insured in bank 
and credit union accounts. My administration worked with the Congress to 
pass legislation authorizing the Government to recapitalize banks by 
purchasing troubled assets or providing insurance or purchasing equity 
in financial institutions. These extraordinary efforts are being 
implemented as quickly and as effectively as possible. The benefits will 
not be realized overnight. But as these actions take effect, they will 
help restore stability to our markets and confidence to our financial 
institutions.
    I'm pleased that other G-8--7 countries are making strong--are 
taking strong measures. Finance ministers and central bankers have acted 
to provide new liquidity to markets, strengthen financial institutions, 
protect citizens' savings, and ensure fairness and integrity in the 
financial markets.
    As our nations confront challenges unique to our individual 
financial systems, we must continue to work collaboratively and ensure 
that our actions are coordinated. The joint interest rate cut earlier 
this week was a good example of effective cooperation. Yesterday G-7 
finance ministers and central bankers agreed to a plan of action.
    The G-7 nations have pledged to take decisive action to support 
systemically important financial institutions and prevent their failure, 
provide robust protection for retail bank deposits, and ensure financial 
institutions are able to raise needed capital. We've agreed to implement 
strong measures to unfreeze credit, ensure access to liquidity, and help 
to restart the secondary markets for mortgages and other assets. We've 
all agreed that the actions we take should protect our taxpayers. And we 
agree that we ought to work with other nations such as those that will 
be represented this afternoon in the G-20 forum.
    As our nations carry out this plan, we must ensure the actions of 
one country do not contradict or undermine the actions of another. In 
our interconnected world, no nation will gain by driving down the 
fortunes of another. We're in this together; we will come through it 
together.
    I'm confident that the world's major economies can overcome the 
challenges we face. There have been moments of crisis in the past when 
powerful nations turned their energies against each other or sought to 
wall themselves off from the world. This time is different. The leaders 
gathered in Washington this weekend are all working toward the same 
goals. We will stand together in addressing this threat to our 
prosperity. We will do what it takes to resolve this crisis, and the 
world's economy will emerge stronger as a result.
    Thank you very much.

Note: The President spoke at 7:54 a.m. in the Rose Garden at the White 
House.