The U.S. Chamber of Commerce would like to commend Congress and the administration for reaching agreement on a plan to shore up our financial system. This plan contains the necessary elements to successfully remove the uncertainty and stem the turmoil that has plagued financial markets in recent weeks. We urge Congress to finalize the plan, quickly pass it, and present it to the President for signature as soon as possible.

The proposal of up to $700 billion is large enough to work. It provides the flexibility to be implemented quickly and maintains the oversight needed to protect taxpayers. The plan will also ensure that homeowners facing foreclosure will be direct beneficiaries of government actions and taxpayer expenditures to stabilize financial markets.

A failure to act would have been a disaster. Main Street and Wall Street are inextricably linked. Without a compromise, both would have suffered tremendously, as would have the entire economy. All Americans should be pleased that when the chips were down, our elected leaders rose to the occasion and did the right thing.

We applaud the leadership of Speaker Pelosi, Senators Dodd, Bennett, and Gregg, and Representatives Frank and Blunt in working to achieve this agreement.

//Update: At 2:39pm this key vote letter (pdf) was sent to Congress.