Remarks Following a Meeting With Secretary of the Treasury Henry M. Paulson, Jr.

Mr. Secretary, thank you very much for inviting me in for a cup of coffee. The Secretary and I share the concerns of our citizens, the concerns about jobs, the concerns about their savings accounts. This is a tough situation for America, but we'll recover from it. And the first step to recovery is to safeguard our financial system.

Now, last night on Air Force One coming back from Peru, I talked at length to the Secretary about his recommendation on the decisions made to safeguard Citicorp [Citigroup]. * Now, we have made these kind of decisions in the past; made one last night. And if need be, we're going to make these kind of decisions to safeguard our financial system in the future.

I talked to President-elect Obama about the decision we made. I told the American people, and I told the President-elect when I first met him, that any time we were to make a big decision during this transition, he will be informed, as will his team.

Secretary Paulson is working closely with the President-elect's transition team. It's important for the American people to know that there is close cooperation. It's important for the American people to know that we will safeguard the financial system as the first step necessary for financial—for economic recovery. And so, Mr. Secretary, thanks for your hard work. Appreciate it. Thank you.