WASHINGTON -- President Bush and the top Senate Democratic and Republican leaders said today they would work to make the changes needed to pass the $700 billion measure to allow the government to buy illiquid assets from financial institutions, including credit unions.

There were in-person meetings on the Senate side and conference calls on the Senate as lawmakers attempted to salvage the bill that was defeated 228-205 in the House on Monday.

"We are at a critical moment for our economy," Bush said in a speech this morning. "Congress must act."

Both Senate Majority Leader Harry Reid and Senate Republican Leader Mitch McConnell both predicted congressional passage of some kind of measure. None of the House leaders made a public comment on the measure.

Both CUNA and NAFCU said they work to ensure that credit unions were included in any bill that passed Congress.

"Our major concern is that, whatever package ultimately comes forward, it should not in any way disadvantage credit unions," said CUNA President/CEO Dan Mica.

"We are also working just as hard to ensure credit unions never have to use the provisions of this legislation."

Dan Berger, NAFCU's senior vice president of government affairs, said his association wants to "make sure that credit unions are not disadvantaged by any rescue plan and that they have parity with banks and thrifts."

Instant Insights /

Bush and Senate Leaders Vow to Pass Illiquid Asset Measure

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