Under Secretary Steel says all Americans bear consequences of a system under stress

At the Senate Banking, Housing, and Urban Affairs Committee hearing on “Turmoil in U.S. Credit Markets: Examining the Recent Actions of Federal Financial Regulators,” Under Secretary for Domestic Finance Robert K. Steel (appearing to represent Secretary Paulson and the U.S. Treasury Department) says a strong financial system is vitally important for all Americans. When our markets work, people throuhgout economy benefit, such as Americans seeking to buy a car or home, or borrow on the strength of a good idea. When our financial system is under stress, he says, all Americans bear the consequences. (:29)

 

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