Democrats Push For Changes To $700B Bailout Plan

Law360 (September 22, 2008, 12:00 AM EDT) -- Congressional Democrats and their allies are pushing for the U.S. government to limit executive compensation and help out homeowners facing foreclosure as part of its $700 billion plan to bail out Wall Street.

Under legislation proposed Saturday by the Bush administration, the U.S. Treasury Department would gain the authority to purchase up to $700 billion in troubled assets from financial institutions. The Treasury would then provide Congress with semiannual updates on the program.

“Right now, our focus is restoring the strength of our financial system so...
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