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House and Senate negotiators have reached tentative agreement on Treasury’s $700 billion rescue plan for the financial markets after a marathon Capitol negotiating session that started Saturday afternoon and stretched into early Sunday morning.
House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) said the deal still had to be "committed to paper," a process that will continue throughout the night, with an eye toward a formal announcement Sunday.
-The draft agreement assures Paulson a relatively free hand in accessing the first $350 billion of the $700 billion he sought. The second $350 billion could be blocked by a future Congress through a joint resolution signed by the president.
-Lawmakers won substantially greater oversight that Treasury had first allowed in its legislation submitted to Congress last week. And limits would be imposed on the pay and severances packages for executives at companies helped by the plan.
-Down the road, the measure also opens the door to allow the government –on behalf of taxpayers—to take an equity share in the companies it helps, either through warrants or options to buy stock.
Sources said Saturday afternoon that as many as 40 Republican senators were prepared to vote for the emerging bailout deal if bankruptcy and social spending provisions are dropped.
(3) Designating financial institutions as financial agents of the Federal Government, and such in stitutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required.
SEC. 103. CONSIDERATIONS.
In exercising the authorities granted in this Act, the Secretary shall take into consideration—
(1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact to the national debt;
(2) providing stability and preventing disruption to financial markets in order to limit the impact on the economy;
(3) the need to help families keep their homes and to stabilize communities;
SEC. 104. FINANCIAL STABILITY OVERSIGHT BOARD.
(a) ESTABLISHMENT.—There is established the Financial Stability Oversight Board, which shall be responsible for—
(1) reviewing the exercise of authority under a program developed in accordance with this Act, including—
(3) If at any time after obligations of amounts described in paragraphs (1) and (2) have been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such submission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.