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Bush reveals new steps to steady banking industry

(Agencies)
Updated: 2008-10-14 21:17

It does put the United States in the awkward position of owning shares in institutions it also regulates. The shares purchased by the government are expected to be nonvoting ones.

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"This new capital will help healthy banks continue making loans to businesses and consumers. And this new capital will help struggling banks fill the hole created by losses during the financial crisis, so they can resume lending and help spur job creation and economic growth," Bush said.

"I know Americans are deeply concerned about the stress in our financial markets, and the impact it is having on their retirement accounts, and 401(k)s, and college savings and other investment," Bush said.

He added: "I recognize that the action leaders are taking here in Washington and in European capitals can seem distant from those concerns."

"It'll take time for our efforts to have their full impact," the president said. "But the American people can have confidence about our long-term economic future. We have a strategy that is broad, that is flexible, and that is aimed at the root cause of our problem."

 

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