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Friday, September 26, 2008

Bail Out Plan Update

George Wenschhof

House Majority Leader Nancy Pelosi (D-Calf.) and Representative Barney Frank (D-Ma.) just addressed the press concerning the status at 4:40 PM ET. Pelosi spoke of progress and the commitment to work over the weekend or as long as it takes to reach consensus on this bill. Frank said the encouraging thing was House Republican staff participating in meetings today.

The main thing stressed was that the core of the Bush administration bill that was proposed by Treasury Secretary Paulson is what is moving forward. The areas of revision remain oversight on the Treasury, limits on executive compensation, government equity to be received, and not all the 700 Billion would be provided up front.

Both Pelosi and Frank acknowledged the House Republicans desire to reduce capital gains tax and desire to expand insurance system to rescue mortgages. The latter has been rejected by the White House, Treasury Secretary Paulson and Federal Reserve Chair Bernanke.

The important thing is House Republican representation is present in the on-going negotiations. Look to see a capital gains tax reduction be added to the bill but not the expanding insurance system to cover mortgages.

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