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US Lawmakers Unveil Draft Financial Rescue Plan

  • VOA News

U.S. lawmakers have made public draft legislation that would pay for the government to buy up to 700-billion dollars in bad debt from private financial companies.

The draft of the law was circulated Sunday to allow lawmakers to review it before voting on it, possibly as early as Monday. Congressional leaders and Treasury Secretary Henry Paulson announced the deal early Sunday, and said they hoped to formally announce the bailout bill before Asian markets open Monday.

According to Speaker of the House of Representatives Nancy Pelosi, the bill will put money into financial institutions to stabilize the economy. She says it will reimburse the taxpayer through ownership of shares in businesses that receive bailout money - and through appreciation in the value of purchased assets. And Pelosi says the bill will mandate oversight of the bailout plan and reform regulations of Wall Street.

The proposal is expected to include limits on payments to executives of rescued companies, and a requirement for the government to try to keep homeowners from losing their homes.

White House spokesman Tony Fratto said President George Bush is pleased with the progress made on the plan and appreciates the bipartisan effort.

Both U.S. presidential candidates, Republican John McCain and Democrat Barack Obama, on Sunday praised the proposed 700-billion-dollar deal for including an independent oversight body and taxpayer protection.

Meanwhile in Britain, treasury officials say they will announce before the market opens Monday whether they will nationalize leading mortgage lender Bradford and Bingley.

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