WASHINGTON — Northwest Democrats blasted the Bush administration’s plan for a $700 billion financial bailout Monday as a giveaway to Wall Street.
While agreeing there is an urgent need for action, Democratic lawmakers said the bailout plan should protect homeowners, not just Wall Street executives. Republicans also stressed the need to protect homeowners, and Rep. Bill Sali, R-Idaho, called for a halt on federal bailouts.
As proposed, the bailout plan benefits the executives who created the financial mess in the first place, said Rep. Peter DeFazio, D-Ore.
The Bush plan also gives Treasury Secretary Henry Paulson the keys to the U.S. Treasury without oversight or restriction, DeFazio said, citing a provision in the bailout plan that blocks court review of actions taken by the Treasury secretary to shore up failing institutions.
“People want to know if you are bailing out Wall Street, what are you going to do for Main Street to help me keep my home?” said Sen. Maria Cantwell, D-Wash.
Cantwell and other Democrats also called for a deliberate approach.
“We shouldn’t be rushed into this. If it takes a week, two weeks, three weeks, a month, the world will wait,” DeFazio said.
