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Today, Bush nominated Neil Barofsky, an assistant United States attorney in the Southern District of New York, to be a special inspector general to monitor the federal government's financial rescue plan.

Barofsky now faces Senate approval.

Earlier today, Federal Reserve Chairman Ben Bernanke spoke in front of a panel of central bankers in Germany.

He called for more international cooperation to get the credit markets back on track. Investors and economists say his remarks could signal a future interest rate cut.

In advance of this weekend's G-20 economic summit in Washington, D.C., Bush is calling for reforms to improve oversight and transparency of the financial system but not a complete overhaul of the free-market system.

The summit kicks off tonight with a dinner at the White House.

Meanwhile, the Senate is expected to begin debate next week on a possible $25 billion aid package to U.S. automakers.

Senate Majority Leader Harry Reid says he plans on starting debate Monday, with a possible test vote as soon as Wednesday.

The bill would use some of the $700 billion Wall Street bailout to provide loans for General Motors, Ford, and Chrysler. The government would take an ownership stake in the companies, in the hopes of eventually paying the taxpayers back.

Supporters say the aid is necessary to prevent millions of layoffs.
But critics say using taxpayer funds to bail out the companies will waste money without solving any systemic industry problems.

Democrats have been working to secure enough votes to block a filibuster.