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Pelosi urges bailout plan changes

WASHINGTON
Sun Sep 21, 2008 5:50pm EDT
House Speaker Nancy Pelosi speaks next to Federal Reserve Chairman Ben Bernanke (R) after meeting with Treasury Secretary Henry Paulson (2nd L), Senate Majority Leader Harry Reid (D-NV) (L) and other congressional leaders in the U.S. Capitol in Washington September 18, 2008. REUTERS/Mitch Dumke

WASHINGTON (Reuters) - House of Representatives Speaker Nancy Pelosi said on Sunday that the Bush administration's $700 billion bailout plan for Wall Street lacks "necessary safeguards" in several areas.

Barack Obama  |  Crisis in Credit

She said Congress will take action this week to protect taxpayers' interests and to ensure the plan includes "independent oversight, protections for homeowners and constraints on excessive executive compensation."

The California Democrat said in a statement: "We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street."

(Reporting by Kevin Drawbaugh; Editing by Gary Hill)
Barack Obama
Crisis in Credit


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