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US Lawmakers plan to refuse Paulson Asset-Buying Power Unchecked by Courts - Paulson’s socialism for Wall Street gamblers comes to an end
``Democrats will work with the administration to ensure that our response to events in the financial markets is swift,'''' House Speaker Nancy Pelosi said in a statement.
The majority party will seek to reduce mortgage foreclosures and create ``fast-track authority'''' for an overhaul of financial regulation, Pelosi said. Democrats will ensure ``the government is accountable to the taxpayers in any future actions under this broad grant of authority, implementing strong oversight mechanisms.''''
The proposal will include curbs on executive pay for the companies whose assets the government will be buying, Steve Adamske, a spokesman for Representative Barney Frank, said yesterday in an interview.
Democrats also will include a plan to stem foreclosures, which may involve tapping the loan-modification abilities of the Federal Housing Administration, the Federal Deposit Insurance Corp., and Freddie Mac and Fannie Mae, Adamske said. Frank, a Democrat from Massachusetts, is chairman of the House Financial Services Committee.
Senate Majority Leader Harry Reid said that while he has misgivings about the rescue plan, ``the consequences of inaction could be catastrophic.''''
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