PITTSBURGH -- The U.S. Commerce secretary was in Pittsburgh on Monday with a dire message about the economy -- he says the financial system is outdated and needs a major overhaul.

Sheldon Ingram's Report: Commerce Secretary Comments On Economy

Carlos Gutierrez is spreading the president's message of urgency to Congress to pass the proposed bailout bill quickly.

"Let's not add things to it, which is always the inclination. That's the first big step, can we do this quickly?" Gutierrez said.

Based on sentiments in Congress, some are concerned pushing the bill through quickly would be a mistake. For example on Monday, Congress created proposals to create a treasury oversight board to prevent the Treasury Department from having a blank check to purchase bad assets.

Democrats still insist that provisions in the bailout package prohibit golden parachutes for CEO's running the troubled financial institutions.

Another provision calls for judicial mortgage power -- giving judges the green light to lower monthly payments to prevent foreclosures. Gutierrez says even without oversight in place, the bailout should happen quickly.

"There could be oversight developed to oversee the execution but it's going to take time, it's not going to happen overnight," Gutierrez said.

But Gutierrez also said the big picture of revamping a financial system instituted in 1934, and is now outdated, shouldn't be ignored.

"The single biggest challenge is a spirit of bipartisanship, a sense that, what is right for the country is above what is right for a party," said Gutierrez.

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