SCRANTON, Pa. — Republican John McCain on Monday called for greater oversight of the Bush administration’s proposed bailout of U.S. financial markets, saying the massive $700 billion plan being crafted by Treasury Secretary Henry Paulson needed broader supervision.
“Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply uncomfortable,” the presidential candidate said at a rally here. “We will not solve a problem caused by poor oversight with a plan that has no oversight.”
McCain praised Paulson and said he had spoken to him several times over the weekend. But the GOP presidential hopeful, nonetheless, called for a bipartisan oversight board to supervise the proposed bailout and for it to be led by Warren Buffett or another widely respected business leader.
McCain suggested his one-time rival for the GOP nomination, former Massachusetts Gov. Mitt Romney, and New York Mayor Michael Bloomberg be part of the effort as well. Both men made fortunes in business before entering politics.
