Media Stakeout with Rep. Nancy Pelosi (D-CA), Speaker of the House of Rep.s at a meeting with Ben Bernanke, Chairman of the Federal Reserve; and Henry Paulson, Secretary of the Treasury

Press Conference

SPEAKER PELOSI: Good afternoon.

Q Good afternoon.

MR. : Thank you. (Laughter.)

MR./REP. : What a conversation!

SPEAKER PELOSI: We're pleased to be joined by Secretary Paulson and Chairman Bernanke. We thank them for accepting our invitation to be here today. It's a busy time all around. Since this financial crisis hit and Congress adjourned, we've had over 20 hearings in the House of Representatives on the financial crisis, on the challenge to the confidence in our markets. And I thank the distinguished chairmen of the committees and the members for their participation in those hearings.

Many questions have sprung from those hearings, and as we go forward, we want to have the current -- the best current thinking from the secretary and the chairman. We need robust oversight -- we know that is essential -- as we go forward. We have some questions about the significant alterations that have been made in the implementation of the TARP. The crisis in the auto industry and in the mortgage foreclosure markets still reigns. Is that the epicenter of the financial crisis? We need to know.

And of course we still have questions about why, at this time of financial crisis, a stimulus package shouldn't be the order of the day.

So on these and other subjects, we'll be seeking some answers from our distinguished visitors today. We thank, again, Chairman Bernanke, as we thank Secretary Paulson, for joining us. And we thank all of you for being with us as well. Thank you very much.

STAFF: Thank you all.

(Cross talk.)

Q Madame Speaker, if we cannot pass some sort of auto --

SPEAKER PELOSI: (Off mike.)

Q -- oh -- can GM or the auto industry -- can they survive until the Congress comes back?

SPEAKER PELOSI: We'll probably be talking about in another meeting, but thank you for bringing up that question.

The purpose of this meeting is a larger one about the state of our markets, of our economy in general, and the state of the markets -- the stock markets, the credit markets, the bond markets -- and that's what we're looking forward to hearing from the distinguished visitors today.

Thank you.

STAFF: Thank you very much. Thank you.

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