Tuesday, September 30, 2008

DeFazio to co-introduce new bailout bill

From the Business Journal:

Oregon Rep. Peter DeFazio, a Eugene-area Democrat, plans to unveil a new financial industry bailout bill in the House at noon Tuesday.
DeFazio, who voted against Monday’s failed Emergency Economic Stabilization Act of 2008, is backing the new measure with six other representatives. He blasted architects of the failed $700 billion bailout bill, saying the new measure isn’t based on the Bush administration’s bailout package.
“Instead of throwing taxpayer dollars at the program and crossing our fingers that the plan work, the measure will direct the Administration to take five simple steps” suggested by former FDIC head William Isaac, DeFazio said.
DeFazio and the other representatives will release their plan at a press conference. The House isn’t expected to consider any new legislation related to the bailout until later this week.