- Hugo Chavez: US Plot Behind Tensions With Colombia
- Dow Gains 2.5% for Week; Disney Jumps
- Tax Credit Sparking First-Time Home Sales: Realtor Group
- Dow Up 100 Points, Led by Disney
- 9/11 Suspects to Be Moved to NYC Detention Center
- Financial Reform May Be Fading in Congress: Obama Aide
- Editor's Introduction: The Carbon Challenge
- Stocks Claw Higher, Led by Disney
- Key 9/11 Suspect to Be Tried in New York
- Futures Edge Higher, Retailers in Focus
MOST SHARED
- Today's Market Action
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Low Interest Rate Investing
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- China's Role as Lender Alters Dynamics for United States
- Israel Going Green
- Inside Wal-Mart's Acai Berry Juice Maker
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- White House Plans to Freeze Spending to Cut Deficit
- Week Ahead: Investors Go for Quality, Assess Recovery
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Cities With the Most Home Price Reductions
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- This Year's Biggest Thanksgiving Leftover: Cash
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
Text Size 
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."
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes