Business and Economy: Congress reaches tentative bailout deal
Story by Chris Graham
freepress2@ntelos.net
The House and Senate banking committees have reached an agreement on the framework for legislation authorizing a $700 billion Wall Street bailout.
The framework includes provisions for improved oversight of the program proposed by the Bush administration and a strategy for phasing in the second half of the $700 billion investment in stages after giving the Treasury Department basically free rein over the first $350 billion.
Companies that would benefit from the government purchase of securities would be expected to limit pay and severance packages for executives. Community banks would get a boost from another provision that would offer billions in tax breaks to account for their stock losses from the government takeover of lending giants Fannie Mae and Freddie Mac.
“We think we have fundamental agreement on a set of principles,” Senate Banking Committee chair Chris Dodd, D-Conn., said today. “We’re very confident we can act expeditiously, and we’ve done a good job arriving at that kind of consensus,” Dodd said.
Related posts:
- Videocast: Obama addresses bailout, economy Barack Obama addresses the news media on the proposed $700 billion Wall Street bailout and the U.S. economy on Tuesday in Clearwater, Fla. Length: 6:16...
- Jim Webb: Bailout should include strengthened regulatory structure, cap on executive compensation Story by Chris Graham freepress2@ntelos.net U.S. Sen. Jim Webb is urging that the $700 billion bailout of the U.S. mortgage industry being contemplated by Congress...
- Business and Economy: Fed bails out AIG, averting crisis Story by Chris Graham freepress2@ntelos.net The Federal Reserve is lending $85 billion – with a b – to rescue American International Group in a move...
- Business and Economy: Comparing the Obama and McCain tax plans Story by Chris Graham freepress2@ntelos.net (First in a series.) John McCain and his surrogates are right. Barack Obama is going to raise your taxes –...
- Business and Economy: Are you being gouged? Story by Chris Graham freepress2@ntelos.net The executive order signed by Gov. Tim Kaine in the runup to the arrival of Tropical Storm Hanna two weeks...
