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Congress will act on the government's proposed $700 billion rescue plan for the nation's banking industry before the end of the week, though it likely will be different than what's on the table, Sen. Charles Schumer said Wednesday.
The New York Democrat, speaking on CNBC, said that despite reluctance from legislators on both sides of the aisle, some type of deal should get done before Congress adjourns.
On Tuesday, the Senate heard from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson on their plan. The House conducts its hearing today.
"This is going to be the legislative process sort of sped up, in the sunlight," Schumer said. "But hopefully we'll come up with a better product than Secretary Paulson sent us, but one that will calm the financial markets."
Schumer did not provide details on what the final product will look like, but said stringent executive compensation limits almost certainly will be part of that package. Getting something passed, though, is vital even to those who don't like the idea of a government bailout for the ailing financial sector.
"The risk of heart attack, the risk of the lifeline of our economy, the financial conduit, shutting down is too great and will affect innocent people who have done nothing wrong throughout the country," Schumer said. "That's unfair, I hate it, but that's the reality."
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