According to the Politico, a tentative agreement has been reached in the $700 billion Treasury bail out plan. Congressional negotiators “made great progress” toward reaching a deal on the bail out plan. Isn’t it unfortunate that it takes the specter of the complete crash of the US financial markets before Congress actually sits down and does the work of the people rather than playing partisan politics?
click on pic to watch and learn
House Financial Services Chairman Barney Frank, D-Mass., center, and House Speaker Nancy Pelosi, D-Calif., left. (Why does the bail out repulse Americans? Because the very people who are praising a deal is made are the very people who sat by and denied their was a crisis.)
From the initial failed deal put forth, it appears that Democrats have made some concessions and House Republicans won a major victory, “persuading negotiators to include a provision that would require the Treasury Department to create a federal insurance program that would guarantee banks and other firms against loss from any troubled asset.”
House and Senate negotiators have reached tentative agreement on Treasury’s $700 billion rescue plan for the financial markets after a marathon Capitol negotiating session that started Saturday afternoon and stretched into early Sunday morning.
House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) said the deal still had to be “committed to paper,” a process that will continue throughout the night, with an eye toward a formal announcement Sunday.
“We have something verbal,” said Rep. Rahm Emanuel (D-Ill.).
Republican Whip Roy Blunt (R-Mo.), the chief negotiator for the House GOP, said he was “looking forward to what we’re going to see on paper” but said he was optimistic that it would be something House Republicans could support.
From The Weekly Standard, Deal is Reached. Is ACORN Out? It appears that there are some changes
According to the Washington Post, Lawmakers Reach Accord on Huge Financial Rescue and a vote is imminent. Some of the key provisions of the proposal appear as follows:
The money would be dispersed in segments, with Paulson receiving $250 billion immediately, $100 billion upon White House certification of its necessity and the final $350 billion only after Congress has been given 15 days to object.
Firms participating in the bailout would be required to grant the government warrants to obtain nonvoting shares of stock, so taxpayers can benefit if the companies return to profitability.
Firms taking advantage of the bailout would be required to limit compensation for senior executives, with especially severe limits on “golden parachutes” at failing firms. The compensation limits will be enacted primarily, but not solely, through the tax code by reducing tax deductions for firms that pay executives more than $400,000 a year.
Let’s hope this version of the bail out plan has more than 24% approval from “We the People”. In the end, no deal will be looked upon by the voters as good as between both the financial markets and the government oversight … there are no heros.