What Is the $700 Billion Bailout Plan?
Congressman Barney Frank and Senator Chris Dodd (Credit: Chip_Somodevilla /Getty Images) Congressman Barney Frank, Chairman of the Housing Financial Service Committee, worked with senior lawmakers and U.S. Treasury Secretary Henry Paulson to create a $700 billion bailout bill that includes much needed oversights. It will be voted on by the House on Monday and the Senate on Wednesday. The additional measures include: • Bailout installments of $250 billion each. • An oversight committee that will review Treasury’s purchase and sale of mortgages. The committee is comprised of Federal Reserve Chair , and the leaders of the
