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Sen. Schumer says bailout needs stronger oversight

(Agencies)
Updated: 2008-09-22 10:14

WASHINGTON -- The government's $700 billion proposal to buy bad debts from financial firms needs tougher oversight and taxpayers' interests must come first, New York Sen. Charles Schumer said on Sunday.

Chairman of the Senate Banking, Housing and Urban Affairs Committee Chris Dodd (L) and Senate Chairman of the Joint Economic Committee Charles Schumer speak to reporters about a proposed $700 billion bailout of financial markets in Washington, DC, September 21, 2008. [Agencies]

"We understand the need to act and to act quickly. But we feel ... taxpayers have to come first," Schumer told reporters. "They have to come ahead of the bondholders, the shareholders, and the executives."

"And finally oversight," he added. "You can't give all this power to any one person, particularly a non-elected person ... without making sure conflicts of interest are dealt with, that people are treated fairly."

In November 2006, Schumer was elected to the new post of Vice Chairman of the Senate Democratic Caucus, the fourth-ranking Democrat in the Senate.