On Tuesday, after meeting with Secretary Paulson, I indicated that I was supportive of the Administration’s plan to use the authority granted by the Emergency Economic Stabilization Act. In developing the financial rescue package, we in Congress recognized the need to attack this crisis on multiple fronts. I am encouraged that the Administration has chosen to do just that, and am hopeful that these efforts will help unfreeze our markets.

But our work won’t be done until we have restored economic stability not only to the American financial sector but also the American consumer. For that reason, no stimulus legislation that Congress takes up or regulatory modernization proposal we draft will be complete or adequate unless they contain these four essential components:

• Homeownership Preservation: 9,800 families enter foreclosure each day. We should declare a temporary moratorium on foreclosures so that lenders, servicers and homeowners can come together to try to restructure their loans on terms agreeable to all.

• Putting an End to Predatory Lending: The Federal Reserve’s rules barring unfair and deceptive mortgage lending practices are a step in the right direction. But we need additional legislation to stop predatory lending practices, which have triggered the greatest financial crisis in at least eight decades.

• Credit Card Reform: Many in the credit card industry have long engaged in behavior toward consumers that is considered abusive and predatory. Such practices in the area of mortgage lending have already had devastating effects on consumers and the country – to avoid future economic crises, we must reform credit card marketing and billing practices.

• Bankruptcy Reform: It makes no sense for a middle-class family that owns a single home to receive less protection under our laws than a family that owns several homes. The average American homeowner should be able to seek the protection of bankruptcy court to save his or her home.

In the coming days, I will ensure that the Banking Committee closely monitors the Administration’s implementation of its plans. Congress has shown an ability to act very quickly during this crisis, and I will remain vigilant in ensuring that we provide the tools and oversight necessary. The path to financial stability and security will not be easy, but I believe we are making progress and am hopeful that this effort will help us overcome the challenges that lie ahead.