President Bush: We must restore confidence in the financial system

Speaking to reporters in the Rose Garden President George W. Bush, joined by the Chairmen of the Federal Reserve Board and the Securities and Exchange Commission Ben Bernanke and Chris Cox and the Secretary of Treasury Henry Paulson, speaks about government action in financial markets. Bush explains the current economic crisis and steps that the U.S. government is taking or plans to take to restore balance, liquidity, and investor confidence to the market. (9:04)
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Sen. Reed (D-R.I.) asks if the right market system is in place

Sen. Jack Reed (D-R.I.) says that when looking back over the financial events of the last several months, themes begin to emerge, such as a lack of transparency and disclosure, aspects of oversight, specifically in risk management and financial reporting to the investing public, a lack of effective analysis by credit rating agencies, and a regulatory environment that missed growing risks in the system. (1:27)


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New challenges arising in the financial market

Sen. Robert Menendez (D-N.J.) says that though there are new challenges in the market, the need to “maximize efficiency, transparency, and liquidity, while promoting investor protection and competition” remains as the common goal. He says as technology reshapes the market landscape and as the credit markets face increased volatility, new challenges arise. (0:47)


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