Speaking about the current financial turmoil, U.S. Treasury Under Secretary David H. McCormick said the $700 billion bailout plan by the government will help in restoring credit to the markets.
Delivering remarks on the 'Financial Market Turmoil' at the Wharton's Eleventh Annual Investment Management Conference in Philadelphia, McCormick said there will be dire consequences if U.S. banks do not receive aid.
"The bill will help ensure the availability of credit so American families can meet their daily needs and American businesses can make purchases, ship goods, and meet their payrolls," said McCormick. "A failure to act comprehensively and decisively could have dire consequences for the U.S. economy and all Americans."
By Steve Stecyk and edited by Sarah Sussman
©CEP News Ltd. 2008