WASHINGTON (Reuters) - Rep. Barney Frank on Sunday proposed including executive pay limits and foreclosure mitigation efforts in the Treasury Department’s $700 billion financial bailout plan aimed at absorbing bad mortgage assets that have paralyzed the U.S. financial system.
In a counter-proposal to the Treasury plan, Frank would also put the facility under the oversight of the U.S. comptroller general, the government’s main auditor, according to a document obtained by Reuters.
Frank’s staff gave the proposal to Treasury staff at a meeting on Sunday, a person knowledgeable about the meeting said.
Reporting by Kevin Drawbaugh, writing by Mark Felsenthal; Editing by Gary Hill
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