Schumer said that despite reluctance from legislators on both sides of the aisle, some type of deal should get done before Congress adjourns.
On Tuesday, the Senate heard from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson on their plan. The House conducts its hearing today.
"This is going to be the legislative process sort of sped up, in the sunlight," Schumer said. "But hopefully we'll come up with a better product than Secretary Paulson sent us, but one that will calm the financial markets."