Argument: Paulson Plan does not allow for enough Congressional oversight

Issue Report: $700 billion US economic bailout


Kenneth Lewis, Chairman, CEO and president of Bank of America. “Main Street Needs the Treasury Plan”. Wall Street Journal. 26 Sept. 2008 – Mr. Paulson has asked for widespread powers that could not be challenged. This is unacceptable. All powers should be temporary and subject to congressional review. Specifically, Congress should demand detailed quarterly updates to show how the money is being spent, and the review process should be open to public scrutiny. In addition, Congress should set clear terms under which the assistance program would end.