Bush: Financial system reforms are `essential' - WKOW 27: Madison, WI Breaking News, Weather and Sports

Bush: Financial system reforms are `essential'

WASHINGTON (AP) -- President George W. Bush, in a run-up to an international summit on the economic crisis, says that reforms to improve oversight and transparency of the financial system are "essential."

  But he warns that too much intervention would be detrimental to the free-market system.

  In his Saturday radio address, which the White House released earlier than usual, Bush also pleads for patience from the American people.

  He says nations around the world are responding to the financial emergency with bold measures, but that it will take more time to get through the crisis.

  The summit begins with a working dinner at the White House Friday night.

  Bush says he and other leaders gathered there this weekend will work to set up underlying principles for guiding financial system reform.

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