Sen. Schumer says bailout needs stronger oversight

WASHINGTON (Reuters) - The government's $700 billion proposal to buy bad debts from financial firms needs tougher oversight and taxpayers' interests must come first, New York Sen. Charles Schumer said on Sunday.

"We understand the need to act and to act quickly. But we feel ... taxpayers have to come first," Schumer told reporters. "They have to come ahead of the bondholders, the shareholders, and the executives."

"And finally oversight," he added. "You can't give all this power to any one person, particularly a non-elected person ... without making sure conflicts of interest are dealt with, that people are treated fairly."

(Editing by Maureen Bavdek)