Congressional leaders and the Bush Administration reached a tentative agreement on Sunday morning to spend up to $700 billion to save the nation's troubled financial system. The $700 billion bailout may go to a vote by Congress as early as Monday, according to The Washington Post.
The proposed legislation includes provisions that would allow the Treasury to spend up to $250 billion immediately and set limits on the compensation for executives that sell mortgage assets to the Treasury. Another provision would create an oversight board made up of the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary, according to CNN.com.
-REBECCA KERN
