Webb's criteria for bailout plan

From Jessica Smith in Sen. Webb's office:

At 11 a.m. today, Sen. Jim Webb and eight additional Democratic Senators -- Harkin, (Bill) Nelson, (Ben) Nelson, Lincoln, Boxer, Feinstein, Salazar, and Klobuchar -- sent the attached letter to Senate Majority Leader Harry Reid seeking assurances that any agreement being negotiated contain specific provisions to protect taxpayers and our financial system.

The provisions include: (1) a new regulatory structure to protect our financial system against further instability; (2) releasing of funds to the Treasury in installments to ensure proper implementation and accountability; (3) a clearly specified limit on executive compensation in rescued companies; (4) ensuring that taxpayers are protected against loss and share in any possible gains; and (5) a restriction on financial assistance to foreign banks and institutions.

Webb said this morning: “This issue transcends party politics, going to the concerns that every single American holds for a secure financial future. Those of us who have not been among the small group of negotiators have a duty to communicate clearly both our concerns and our expectations as the process moves forward. The markets should know that we want to reach a consensus expeditiously, but with a plan that protects the economy, gives a potential boost to the American taxpayer and brings accountability to those who got us in to this crisis.”

-- Photo by F.T. Rea