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House Financial Services Chairman Barney Frank, D-Mass., center, and House Speaker Nancy Pelosi, D-Calif., left, Secretary of the Treasury Henry Paulson, second right, and Senate Majority Leader Harry Reid, D-Nev., right, announce a tentative deal regarding on the financial crisis on Sunday, Sept. 28, 2008 on Capitol Hill in Washington. (AP Photo/Lauren Victoria Burke)
Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.
House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.
"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.
"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.
Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later.
The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.
At the insistence of House Republicans, some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.
The legislation would place "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan, said a senior administration official who was authorized to speak only on background. It would affect fired executives of financial firms, and executives of firms that go bankrupt. Some of the provisions would be retroactive and some prospective, the official said.
The proposed legislation also calls for the financial sector to help make up the difference if the government does not recoup its investment in five years, the official said, but details were unclear.
Also, the government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.
Congress debating financial market bailout
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Jittery Markets Await Pact On Financial Bailout Plan
The Bush administration and Congress stepped up talks on an unprecedented $700 billion bank bailout Sunday as they battled the clock to prevent further financial market turmoil ...
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Financial crisis: Paulson calls for rest of world to copy America's ...
Paulson calls for rest of world to copy America's $700bn financial bail-out ... Paulson's initiative is the biggest intervention in the financial markets by a US ...
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Financial Markets - San Jose Mercury News
Expanded coverage of world and national financial markets from the San Jose Mercury News ... Stocks rise on bailout hopes; credit remains tight NEW YORK—Financial markets grew ...
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AFP: Democrats, Republicans face off over US financial bailout plan
Speaking after a week of upheaval in financial markets, Bush defended the proposed bailout, citing the gravity of the financial crisis. "This is a big package because it was a big ...
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Deal reached on financial markets bailout
WASHINGTON---- Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession. House Speaker Nancy Pelosi ...
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Source: Chicago Sun-Times
NewsDateTime: 41 minutes ago
Negotiators make breakthrough on $700b bailout plan
WASHINGTON - Congressional negotiators expect to announce a historic agreement today for a massive $700 billion bailout plan that lawmakers and the White House hope will calm jittery financial markets and ease the national credit crisis. After a ...
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Source: Boston Globe
NewsDateTime: 41 minutes ago
Congress, Bush Administration agree on bank bailout
CONGRESS and the Bush Administration have reached a tentative deal on a bailout of financial markets that could cost US taxpayers hundreds of billions. The House could vote on it today and the Senate on Monday. House Speaker Nancy Pelosi announced ...
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Source: News.com.au
NewsDateTime: 1 hour ago
Congress leaders announce tentative $700 billion Wall Street bailout ...
WASHINGTON - After marathon talks, congressional leaders declared early Sunday morning they had reached a tentative deal on an unprecedented $700 billion bailout of the nation's imperiled financial markets.
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Source: New York Daily News
NewsDateTime: 1 hour ago
Lawmakers Reach Tentative Bailout Deal
2 of 10 Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation ...
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Source: Wall Street Journal
NewsDateTime: 1 hour ago
To help struggling homeowners, the plan would require the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes.
The measure's main elements were proposed a week ago by the Bush administration, with Paulson heading efforts to push it through the Democratic-controlled Congress. Democrats insisted on greater congressional oversight, more taxpayer protections, help for homeowners facing possible foreclosure, and restrictions on executives' compensation.
To some degree, all those items were added.
At the insistence of House Republicans, who threatened to sidetrack negotiations at midweek, the insurance provision was added as an alternative to having the government buy distressed securities. House Republicans say it will require less taxpayer spending for the bailout.
But the Treasury Department has said the insurance provision would not pump enough money into the financial sector to make credit sufficiently available. The department would decide how to structure the insurance provisions, said Sen. Kent Conrad, D-N.D., one of the negotiators.
Money for the rescue plan would be phased in, he said. The first $350 billion would be available as soon as the president requested it. Congress could try to block later amounts if it believed the program was not working. The president could veto such a move, however, requiring extra large margins in the House and Senate to override.
Despite the changes made during an intense week of negotiations, the heart of the program remains Bush's original idea: To have the government spend billions of dollars to buy mortgage-backed securities whose value has plummeted as hundreds of thousands of Americans have defaulted on their home loans.
Senate Majority leader Harry Reid, D-Nev., said Saturday that the goal was to come up with a final agreement before the Asian markets open Sunday night. "Everybody is waiting for this thing to tip a little bit too far," he said, so "we may not have another day."
Hours later, when he and others told reporters of the plan in a post-midnight news conference, Reid referred to the sometimes testy nature of the negotiations.
"We've had a lot of pleasant words," he said, "and some that haven't always been pleasant."
"We're very pleased with the progress made tonight," said White House spokesman Tony Fratto. "We appreciate the bipartisan effort to deal with this urgent issue."
It was not immediately clear how many House Republicans might vote for the measure. With the election five weeks away, Democrats have said they would not push a plan that appeared sharply partisan in nature.
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