WASHINGTON, March 23 /PRNewswire-USNewswire/ — Speaker Pelosi Speaks out on 'legacy assets'Speaker Nancy Pelosi issued the following statement on today’s announcement by Treasury Secretary Timothy Geithner to dispose of toxic “legacy assets” to restore the flow of credit:
“The Obama Administration’s new initiative for disposing of ‘legacy assets’ to restore the steady flow of credit to consumers and small businesses builds on strong actions to reduce home foreclosures and jumpstart our economy with the American Recovery and Reinvestment Act. Dealing with these assets is an essential step in stabilizing our financial system, promoting jobs and reviving the U.S. economy.
“The public-private partnerships envisioned in today’s initiative will encourage the meaningful participation of the private sector in financial risk-sharing, which is needed to restore confidence in our markets and the economy and promote jobs and growth.
“Going forward, we must end the era of irresponsibility with legislation to reform regulation of large, inter-connected financial institutions to restore common sense to their business practices and a strong dose of stability to the financial system.”
