Monolithic
09-21-2008, 11:03 PM
source (http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20080921\ACQDJON200809211826D OWJONESDJONLINE000302.htm&SourceCode=&mypage=newsheadlines&title=UPDATE:US%20Rep%20Pelosi:%20We%20Won%27t%20H and%20Over%20$700%20Billion%20%60Blank%20Check%27)
WASHINGTON -(Dow Jones)- U.S. House Speaker Nancy Pelosi said Sunday that Congress should not write a "blank check" to Wall Street in a bill to allow the U.S. to buy up distressed assets.
In a statement issued Sunday evening, Pelosi said a Treasury proposal received by Congress "does not include the necessary safeguards" and that congressional Democrats "will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome."
Members of Congress and Bush administration officials have been engaged in talks over the weekend on an administration proposal that would give the Treasury Department authority to buy up to $700 billion in distressed mortgage assets from financial institutions, which is expected to become the basis for legislation that could pass within days.
Pelosi, in her statement, said that the Democrats would seek to limit executive compensation - a position also floated recently by House Financial Services Chairman Barney Frank, D-Mass.
"Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation," Pelosi said in her statement.
WASHINGTON -(Dow Jones)- U.S. House Speaker Nancy Pelosi said Sunday that Congress should not write a "blank check" to Wall Street in a bill to allow the U.S. to buy up distressed assets.
In a statement issued Sunday evening, Pelosi said a Treasury proposal received by Congress "does not include the necessary safeguards" and that congressional Democrats "will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome."
Members of Congress and Bush administration officials have been engaged in talks over the weekend on an administration proposal that would give the Treasury Department authority to buy up to $700 billion in distressed mortgage assets from financial institutions, which is expected to become the basis for legislation that could pass within days.
Pelosi, in her statement, said that the Democrats would seek to limit executive compensation - a position also floated recently by House Financial Services Chairman Barney Frank, D-Mass.
"Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation," Pelosi said in her statement.