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Bailout Plan Moves To Center Stage In Senate Race

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Sep 23, 2008 6:03 pm US/Central

Bailout Plan Moves To Center Stage In Senate Race

Reporting
Esme Murphy
(WCCO) The $700 billion federal bailout of financial institutions would cost every taxpayer in the country $2,300.

That plan moved to center stage in the U.S. Senate race here in Minnesota.

Sen. Norm Coleman this afternoon called the crisis "an economic 9-11."

His opponent, Al Franken, said the proposal needs to limit CEO pay and provide help to homeowners facing foreclosure.

"They want taxpayers to foot the bill for this massive bailout package without any independent oversight, without any protection for homeowners," said Franken.

Franken said he would only support the bailout if it includes independent oversight, with taxpayers getting equity in bailed out firms.

Franken wants limits on executive pay and bonuses. He would impose a moratorium on all foreclosures and allow bankruptcy Judges to renegotiate home loans.

He would also create a Financial Product Safety Commission similar to the Consumer Product Safety Commission.

Sen. Norm Coleman met with Treasury Secretary Henry Paulsen in Washington Tuesday.

Coleman said the secretary warned the consequences of not passing the bail out would be devastating.

"Their concern was that if we do not provide some stability here, that its impact will dig deep into the pockets of average Minnesotans and average Americans," Coleman said.

Coleman said he wants the bailout to include limits on executive pay, more accountability for financial firms and taxpayer equity in bailed out firms.

However, Coleman opposes Franken's call for foreclosure relief in the form of a foreclosure moratorium and renegotiation of home loans.

"If the Franken provision passed and you were to try to buy a new home ... you would be facing lesser access to credit and higher interest rates and I don't think that is in the interest of the average Minnesotan," said Coleman.

Independence Party Candidate Dean Barkley isn't offering specific proposals, but he thinks because of the financial crisis all incumbents should be voted out of office.


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