Speaker of the House says she aims to get started on it by Monday
Speaker of the House Nancy Pelosi, D-Calif., said in a press conference today that legislation for the $700 billion bailout bill is now on the Internet for the public and that its language mainly discusses accountability and capping financial institutions’ leaders’ compensations.
“It’s my hope that we’ll be able to take [the drafted legislation] up tomorrow,” Pelosi said to the media.
Senate Majority Leader Harry Reid, D-Nev., showed up at nearly midnight last night and pushed for the controversial bipartisan bill to be completed.
“We know that there’s been greed on wall street and we know it’s been exacerbated because there has been no oversight,” Reid said.
Reid marveled at the past and the economic downfall of the United States briefly, and then said, “But we are where we are now, and we have got to do something about it.”
Before the weekend, President George W. Bush put a drafted proposal in front of Pelosi, Reid and other lawmakers, but it outlined the bailout to be completely in the hands of Treasury Secretary Henry Paulson. After completing the piece of legislation, which is touted by Reid to be passed along to the Senate through the House by Wednesday, Paulson will not be in full control over the billion-dollar plan.
Reid said it will be difficult to move the legislation through the Senate, however. “This agreement, though not perfect will help stabilize our economy.”
Barney Frank, D-Mass., said the bill will curtail excessive compensation to chief executive officers for the first time ever. He also said the draft proposes that if there is a shortfall in an institution’s accounting, the company is at fault and not the taxpayers, according to the plan.
Connecticut Democrat Christopher Dodd who seconded Frank said there is a strong accountability part in the plan with cheques such as Government Accountability Office studies included.
“[The] average American will be hurt and its unfair because the average American didn’t cause this problem,” Dodd said.
The drafted bill sent by the president and approved by the Congress, said Pelosi, and must have support by Republican house members. Reid said Congress “can move it as early as Wednesday.”