While there have been various reports during the day that a version 2.0 of the Treasury bailout bill was moving towards passage, the agreement in principle now appears to be official. From the Wall Street Journal:
A bipartisan group of House and Senate lawmakers left a two-hour-plus meeting in the U.S. Capitol on Thursday saying they have a “fundamental agreement” on a $700 billion plan to bail out U.S. financial markets.
The lawmakers didn’t offer details of the plan, but the proposed bill would approve the fund, but would pay the money out in installments, with $250 billion in bailout funds available immediately, people familiar with the matter said.
Lawmakers also agreed that limits on “golden parachutes” and use of warrants would apply to all companies, these people said. However, changes to bankruptcy laws still unresolved. The details still need to be ironed out with the White House.
Republican Sen. Robert Bennett of Utah expressed optimism that lawmakers have a “plan that will pass the House and Senate.”
“We came to agreements on a lot of the important issues,” House Financial Services Chairman Barney Frank (D., Mass.) said at a press conference featuring most of those who attended the meeting. Sen. Bob Corker (R., Tenn.) said: “I believe that we will pass this legislation before the markets open on Monday.”
Lordie, has working weekends become the new fashion in DC?
Reader Marshall made these comments:
But we don’t know what the “principles” are, do we? Is there an equity component for the taxpayer? All I keep hearing about is limits on executive pay which is a red herring as far as I’m concerned. I’m worried that the focus on executive pay is a big show to suggest that the Democrats actually won an important concession.