The bailout plan's new provisions made $250 billion immediately available to purchase bank assets, leaving $100 billion at the president's discretion and $350 billion subject to congressional review.

She said Congress will shine a new "light of scrutiny and accountability" on the nation's financial system to try to prevent a replay of the problems that plunged the nation into an financial crisis.

Reps. Barney Frank, D-Massachusetts, and Henry Waxman, D-California, plan to hold hearings to increase scrutiny of the financial system, Pelosi added.

"We want to take our country in a new direction for the middle class," Pelosi said.

Frank told reporters Friday that starting in January, Congress will "have a major role."

"We have to rewrite housing in America. ... It would be highly irresponsible if we were to stop here," he said. "Now we have to perform more serious reform."

"We want to take our country in a new direction for the middle class," Pelosi said.