Pelosi Response to Letter from Rep. Spencer Bachus

September 23, 2008

Washington, D.C. - Speaker Nancy Pelosi sent the following letter responding to a letter from Ranking Member Spencer Bachus of the House Financial Services Committee.

Below is a text of the letter:

September 23, 2008

The Honorable Spencer Bachus

Ranking Member

Committee on Financial Services

U.S. House of Representatives

2246 Rayburn House Office Building

Washington, D.C. 20515

Dear Ranking Member Bachus:

Thank you for inviting me to testify tomorrow before the House Financial Services Committee on the Bush Administration's legislative proposal to rescue the financial markets. The current crisis is the result of eight years of the Bush Administration's anything goes, failed economic policies that have damaged our economy and undermined the financial future of America's middle class.

As you know, Chairman Barney Frank is serving as the Democratic leadership's representative in ongoing bipartisan negotiations with the Treasury Department on the Administration's legislation, and your staff has participated in those discussions. Chairman Frank will preside over tomorrow's hearing with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. He will discuss ongoing efforts by Members of the Democratic Caucus to ensure that the Administration's plan provides greater protection to the American taxpayer and homeowners, greater independent oversight, and greater accountability.

Thank you again for inviting me to testify.

best regards,

NANCY PELOSI

Speaker of the House