Statement on Proposed Legislation To Establish a District of Columbia Financial Authority

I am pleased that Congressman Davis introduced legislation today to establish a financial oversight authority for the District of Columbia. My administration worked closely with the Congress in drafting the bill, and I hope we can continue the bipartisanship already at work to help the District return to fiscal health.

The financial crisis in the District is serious and demands immediate attention. Although other cities have suffered similar problems, Washington, DC, plays a uniquely important role in the Nation's life. It is the Nation's Capital and is important not just to the people who live there but to all citizens of the United States.

I care deeply about the District and its residents. They deserve a government that delivers municipal services efficiently and effectively.

My administration stands ready to work with Congress to determine what help is appropriate. At my direction, my Budget Director, Alice Rivlin, a DC resident for 38 years, is heading a senior level, interagency working group to monitor the District's problems and assist DC in meeting its responsibilities.