In response to the Paulson 850-word $700 billion dollar blank check to Wall Street, Congressional Democrats are trying to impose limits to excessive executive compensation and impose sane regulations on a rampantly ruined financial sector.
House Democrats plan to insist on adding protections for homeowners facing foreclosure, and want to add measure to help homeowners facing bankruptcy, and an executive compensation restriction designed to prevent golden parachutes for the heads of troubled institutions. Senator Obama, who was supportive of the bailout concept in a statement released Friday, thinks that “whatever gets done in Congress has to protect Main Street,” senior adviser Stephanie Cutter said on MSNBC on Saturday.
Senate Banking Committee Chairman Chris Dodd (D-Conn.) told George on ABC: “If we’re going to spend taxpayer money to get rid of bad debt in these places, what is the reciprocal obligation … from the firms? … I think there’s going to be a strong interest to deal with the Main Street aspects.”
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