Breaking News: Senate Banking Chairman Dodd: We Have to Get This Plan Right
This morning the Senate Banking committee is meeting to discuss the proposed $700 billion Treasury plan to stem the crisis that is hitting the global markets. Congress is being urged by U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to act swiftly. Senate Banking Chairman Christopher Dodd and others, however, have reservations about the plan and have proposed additional provisions, including protecting homeowners and tie-ing in executive compensation to the plan.
"We have to get this plan [rescue proposal] right", said Connecticut Senator Dodd, who chairs the banking committee, during his opening comments at the hearing on the bailout this morning." "There is no going back."
"The Treasury's plan has little for those outside the financial industry," said Senator Richard Shelby (R-Alabama) during this comments. "How can we sign a bill that we are not sure it will work?" said Shelby.
Bernanke and Paulson are expected to address the Committee shortly.
Published on September 23, 2008
Are you retail Agent Looking for a Quote?