One Year Later

Bailout Vote Could Come by Weekend

 

You can find more stories like this in our On the Brink series.

Lawmakers were poised on Thursday to vote on a financial-sector rescue plan by the weekend after hammering out most details and disagreements in an overnight session.

Lead negotiators on both sides of the aisle from the House and Senate gathered Thursday morning to mend remaining bridges before meeting with President George Bush to finalize the package in the afternoon. Lawmakers hope to seal the deal Friday after constructing a final draft of the legislation in another overnight session.

There will certainly be modifications to Treasury Secretary Henry Paulson's $700 billion three-page proposal, which was sparse on details of how funds would be used and did not offer any direct assistance to homeowners.

Rep. Barney Frank (D., Mass.), chairman of the House Committee on Financial Services, said Thursday afternoon that the only remaining sticking point in negotiations was whether to allow bankruptcy judges to restructure mortgages to help Americans in danger of losing their homes. That measure is "still in discussion," Frank said, on the way to meet with the president.

Frank also said there will be restrictions on executive compensation, including a "say on pay" provision for shareholders. There will also be a provision to stem foreclosures and "very strong oversight" included in the bill. Rather than disperse the full $700 billion all at once, Frank also said there will be a "phasing in" of payments in smaller increments. Sen. Charles Schumer (D., N.Y.) had advocated the measure.

RealMoney.com

The Bush administration agreed in principle to Democrats' demands to include limits on executive pay and perhaps award taxpayers equity stakes in companies that receive public assistance, lawmakers said.

TheStreet Premium Services

Jim Cramer
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
OptionsProfits
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn More
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
Dow Jones S&P 500 NASDAQ 10-Year Note
12,393.45 1,310.33 2,827.34 15.81
Oil *
101.78
DOWN
26.41
DOWN
2.99
DOWN
10.02
DOWN
0.44
10 Yr
1.58%
SPDR Gold
151.62
-0.21%
-0.23%
-0.35%
-2.71%
Data delayed 20 minutes

Top Stories and Tools

Articles From

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

We respect your privacy.
Podcasts

Connect with TheStreet