Treasury plan lacks taxpayer protection: Sen.Schumer

WASHINGTON (Reuters) - New York Democratic Sen. Charles Schumer on Saturday said a plan from the Bush administration to bailout the financial markets is a good start, but lacks protections for taxpayers and homeowners.

"This is a good foundation of a plan that can stabilize markets quickly," said the chairman of Congress' Joint Economic Committee in a statement.

"But it includes no visible protection for taxpayers or homeowners. We look forward to talking to Treasury to see what, if anything, they have in mind in these two areas," he said.

(Reporting by Kevin Drawbaugh, editing by Jackie Frank)