Projo 7 to 7 News Blog

Providence Journal phota / Steve Szydlowski
Sen. Jack Reed speaks to reporters during a news conference at Save The Bay headquarters in Providence.

PROVIDENCE, R.I. -- U.S. Sen. Jack Reed says he thinks the Treasury plan announced Monday to help banks get rid of their toxic assets is "the next necessary step" to restoring the nation's economy.

"The question is whether it it will be sufficient," Reed said early Monday afternoon, when questioned following a news conference in Providence on environmental stimulus spending.

"The initial reaction of the markets is very positive," Reed said, referring to to the Dow average that rose by hundreds of points. "But this has to be tested over several months."

Reed also said he thinks the Federal Reserve system needs to change the way it does business, and that some of its responsiblities should be transferred to other federal agencies to provide better oversight of the country's financial markets.

Reed also said he thought President Obama did a great job of communicating with the public during his appearance Sunday night on CBS's 60 Minutes.

"People are genuinely concerned and fearful," he said. "We have to try things and adapt to fix the economy."

This post first published at 2:41 p.m.

 Tags  economy President Obama Providence RI Sen. Jack Reed

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