WASHINGTON — Treasury Secretary Henry Paulson said Tuesday the current financial challenges facing the country will persist for a number of months but that the economy will rebound.
Paulson, speaking to an audience in New York, said the recovery will occur because the administration, working with the Federal Reserve, is committed to taking the necessary steps to strengthen the financial system.
He said close cooperation with other countries is critical and cautioned that it is important for all nations to make sure that the actions they are taking to deal with the crisis do not come at the expense of other nations.
“Our government will do what is necessary to significantly strengthen our banks and financial institutions, enabling them to increase financing for the consumption and business investments that drive U.S. economic growth,” Paulson said in remarks to the National Committee on U.S.-China Relations.
Copies of his remarks were released in Washington.
He said dealing with the financial crisis required “dramatic steps” in the United States and close coordination with other nations.
