Statement of Senator Barack Obama On The New Treasury Equity Initiative

Chicago, IL - "There are many causes of this economic crisis, and it's critical that we respond using all the tools that we currently have. That's why I support Secretary Paulson's latest initiative to use the authority we gave him in the financial rescue plan to provide more capital to our financial institutions so that they have money to lend to families and businesses. He should implement this plan quickly, aggressively, and ensure that it protects taxpayers, does not reward CEOs, and is limited in duration. As financial conditions evolve, the government should be prepared to take all additional action necessary to maintain market confidence, including extending broader guarantees in the financial system. And the United States must step up its efforts to work with the G-7 and our other allies to ensure a globally coordinated solution.

"This is not a time for ideology, but a time for common sense and pragmatism. The test of any idea must not be whether it is liberal or conservative, but whether it works for the American people. That's what we should all be focused on in the days ahead to restore strength and prosperity to our economy," said Senator Barack Obama.