| Page 2 of 2 < |
Bush to Host World Leaders at Nov. 15 Economic Summit
The summit the president announced will begin a series focused on the regulatory framework for global finance.
(By Charles Dharapak -- Associated Press)
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
The summit was also welcomed by Senate Majority Leader Harry M. Reid (D-Nev.), who called it a "positive, constructive step." Reid and House Speaker Nancy Pelosi (D-Calif.) had urged Bush in a letter last month to meet with international leaders to discuss the financial crisis.
"I am hopeful that the meeting will not only address the immediate crisis facing the global economy, but will begin to make the international financial system stronger and more secure," Reid said.
In a joint statement issued Saturday, Bush, French President Nicolas Sarkozy and European Commission President José Manuel Barroso had announced agreement on a series of summits to address the crisis and to discuss far-reaching reforms. The agenda is likely to include increasing market transparency, revising the rules that govern global investment flows, and improving oversight of big banks, ratings agencies and hedge funds.
But Sarkozy, British Prime Minister Gordon Brown and others have signaled a desire to go much further in regulating markets than Bush seems inclined to do. Brown said yesterday that he wants greater cross-border oversight of banks and other financial firms, while Sarkozy called for much stricter government supervision of financial markets.
Asked yesterday whether Bush agrees with such proposals, Perino said many countries will come to the summit with their own recommendations and ideas, including the United States. She said that it is "too early to say" what will emerge from the summit, and that leaders will discuss "how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalization."
The G-20 -- which says it represents about two-thirds of the world's population -- includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States. The European Union, which is also a member, is represented by the rotating presidency of its council and the European Central Bank. The managing director of the International Monetary Fund, the president of the World Bank and other top officials of the two institutions also usually participate in G-20 meetings.
Staff writer William Branigin contributed to this report.
