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.
Magnolia Tribune
