Washington (AP) Senator Charles Schumer says he believes congress must act quickly to rebuild the crumbling financial system but that lawmakers must have a strong supervisory role in how the 700 billion dollar bailout program is run.
The New York Democrat says if there are provisions for a return of money in connection with the absorption of bad debt at various financial institutions, “it should go to taxpayers before bondholders, shareholders and executives.”
Schumer is a member of the senate banking committee. He also said on NBC's “Today” show that “we have to have somebody overlooking the treasury secretary's shoulder.”
Senator Jim DeMint, a South Carolina republican, differed with Schumer, saying congress should resist the Bush administration's pleas for the legislation.
In DeMint's words: “the government broke it. I don't trust them to fix it.”