WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) today released the following statement after President-elect Obama held a press conference unveiling his economic team:
“For months now, the historic scope of our economic crisis has been clear to all Americans. Our financial markets have seen great turmoil, leading millions of Americans to fear for the security of their savings, pensions, and retirements. This year has seen the loss of 1.2 million jobs—with experts warning of the loss of millions more, without strong action from the federal government. We can be confident, though, that we are going to have a President and an economic team that understand the size of this crisis, its impact on American families, and the need for bold steps to end it.
“President-elect Obama’s incoming economic team combines decades of cumulative experience with some of America’s finest financial minds. Timothy Geithner, his nominee for Treasury Secretary, has already played an integral role in financial recovery efforts from his position as President of the Federal Reserve Bank of New York. He has a deep understanding of the causes of this crisis and the vision it will take to solve it. Larry Summers, incoming Director of the National Economic Council, served as Treasury Secretary under President Clinton and earned a reputation as one of our foremost economic thinkers. Christina Romer, who will serve as Chair of the Council of Economic Advisors, has won praise for her work on the causes of financial crises. And Melody Barnes, who will be Director of the Domestic Policy Council, is a respected public policy expert on issues from energy to healthcare.
“The President-elect has directed this economic team to develop a recovery plan to create or save 2.5 million jobs over the next two years. The Democratic Congress has been working to address this economic crisis over the last year, and we are eager to join with the new Administration to enact legislation that will create jobs, rebuild our infrastructure, help states provide vital services, and stimulate our economy. Such a recovery plan is at the top of our agenda.”