Miss. lawmakers divided on bailout plan
Mississippi lawmakers are angered by the nation’s financial crisis and split on what should be done about it as they prepare to debate a $700 billion bailout proposal.
Like many Democrats, Rep. Bennie Thompson prefers a Democratic alternative to the Bush administration’s plan to buy up faltering mortgages and related assets.
Democrats want greater federal oversight of the financial services industry and to include a provision that would allow judges to rewrite mortgages to make them more affordable to homeowners in trouble. They’re also seeking limits on executive pay and bonuses to financial executives.
“That provision would help limit the extent to which taxpayers and shareholders wind up footing the bill,” said Lanier Avant, Thompson’s press secretary.
As of late Monday, it appeared the White House was considering some of the Democratic proposals.
Most lawmakers have come to accept the premise that the massive bailout is needed to save the stock market, banks and other financial institutions from collapse.
“Our current economic challenges require federal involvement,” said Sen. Thad Cochran, R-Miss. “I hope Congress will move quickly to support aggressive action to protect the American economy.”
Cochran said he is open to all proposals.
But there is also anger over the proposed bailout. Many lawmakers, including fiscally conservative Blue Dog Democrats, balked at its price tag.
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AP
9/23/8
Magnolia Tribune
