Paulson vows to get package passed

“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the financial bailout bill defeat yesterday.
SEP 30, 2008
By  Bloomberg
After Congress fell 13 votes shy of approving the sweeping $700 billion Emergency Economic Stabilization Act of 2008, Treasury Secretary Henry Paulson Jr. said he was "very disappointed" in the vote. “We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the bill’s defeat yesterday. “We are committed to working with congressional leaders to get it done,” Mr. Paulson added. Following the seismic events of the last few weeks in the financial industry, the secretary said the banking system has been “holding up very well, considering all the pressures.” Noting that the Department of The Treasury has taken “strong actions” to protect the banking system and the economy, Mr. Paulson said that the government has “significant tools” in its tool kit to serve the needs of the markets. “We will work with what we have until we get from Congress what we need,” he added. The House yesterday defeated the bailout package by a vote of 228 to 205. The bill needed 218 votes to pass.

Latest News

No succession plan? No worries. Just practice in place
No succession plan? No worries. Just practice in place

While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.

Research highlights growing need for personalized retirement solutions as investors age
Research highlights growing need for personalized retirement solutions as investors age

New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.

Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones
Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones

With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.

Insured Retirement Institute urges Labor Department to retain annuity safe harbor
Insured Retirement Institute urges Labor Department to retain annuity safe harbor

A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.

LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors
LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors

"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.