It's fair to say that the Democrats and some Republicans have made a lot of headway on the bailout plan. McCain has promoted "tax cuts for corporate America and less regulation" for decades so of course, his radical injection into this bailout is more of the same and what led us to this failure. Many of us against the bailout have been angry both that we have to bailout Wall Street but also are concerned about unchecked powers with Paulson and paying a fair price for the toxic debt. The bailout plan has taken much of this into consideration. The bailout isn't perfect but everyone except the radical GOP fringe and the grandstanding McCain were prepared to sign off on this. I'd like to hear McCain defend his tax cuts and less regulation tonight on TV. Please educate us on how that will help because it sure isn't obvious.
- Two oversight boards would be formed—one with congressional representation, another would have the power to undo decisions by the Treasury Secretary.
- The Treasury Secretary would be prohibited from acting in an arbitrary or capricious manner or any way inconsistent with existing law.
- Regular, detailed reports would be made to Congress disclosing exercise of the Treasury Secretary's authority.
- An independent inspector general would be set up to monitor the use of the Treasury Secretary's authority.
- The Government Accountability Office would be required to perform audits to ensure proper use of funds, appropriate internal controls, and to prevent waste, fraud, and abuse.
- Maximize and coordinate efforts to modify mortgages for homeowners at risk of foreclosure.
- Loan modifications would be required for mortgages owned or controlled by the federal government.
- A percentage of future profits from the bailout fund would be made available to the Affordable Housing Fund and the Capital Magnet Fund to meet America's housing needs.
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