The bailout plan that Treasury Secretary Henry Paulson sent to Congress would give he and his cronies unlimited control over the use of the money and would deny any possible oversight. Senator Chris Dodd has an alternative plan that requires oversight, accountability, and limits to executive pay.
Jason Linkins of the Huffington Post sums it up very nicely in this post. He highlights a most egregious power grab scheme within the bailout proposal, i.e., these 32 words: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Hopefully, the lack of political clout enjoyed by the White House will enable Congress to stand up and demand the Chris Dodd stipulations, including removal of the 32 words. Senators Obama and McCain appear to be on board with a bailout plan that requires oversight and limited executive pay.
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