Senate Leaders Question Terms Of Bailout

Law360, New York (September 23, 2008, 12:00 AM EDT) -- Federal Reserve Chairman Ben Bernanke told a Senate committee Tuesday that urgent action is needed to stabilize the markets, but Senate leaders objected to the proposed $700 billion bailout that would allow the U.S. Treasury Department to buy troubled assets.

Bernanke told the Senate Committee on Banking, Housing and Urban Affairs that “fast-moving developments” in the markets necessitate quickly managing the crisis before forming a full proposal for reforming oversight of the financial services industry.

“Looking forward, the Federal Reserve is committed to working closely with...
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