U.S. Treasury Secretary Henry Paulson said on Thursday that the Bush administration will continue to monitor capital markets closely and to advocate strong market discipline and robust risk management.
"Working through the current stress is our first concern," Paulson said in a prepared statement to the House Committee on Ways and Means, "Through the President's Working Group on Financial Markets, we are also reviewing underlying policy issues because it is just as important to get the long-term policy right."
Paulson seemed to be optimistic about the economic future despite recent financial turmoil. "While we are in a difficult transition period as markets reassess and re-price risk, I have great confidence in our markets. They have recovered from similar stressful periods in the past, and they will again," he said.
"The U.S. economy is diverse and resilient, and our long-term fundamentals are healthy. I believe our economy will continue to grow, although at a slower pace than we have seen in recent years," he told the lawmakers.
Source: Xinhua
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