Bank Rescue Plan In The Works

The Bush administration is asking Congress to give it the power to buy distressed assets in an attempt to rescue banks caught in Wall Street's financial crisis.

So say lawmakers who have been given an update from Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commission Christopher Cox. Lawmakers were briefed Thursday night at the Capitol.

Senate Majority Leader Harry Reid says he expected the administration and the Fed to have a proposal to lawmakers in a matter of hours, rather than days.

Massachusetts Congressman Barney Frank said the administration
wants the power "to buy up illiquid assets." Frank says that could be done must faster than to "set up an entity."

Frank says there was "virtually unanimous agreement" among
lawmakers in attendance. Frank says the House Financial Services
Committee, which he chairs, could have a legislative drafting session on a proposal as early as Friday.


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