Democrats claim progress on plan

WASHINGTON (CNN) - The Bush administration has agreed to some changes Democrats demanded to its $700 billion plan to bail out the financial sector, a key Democratic congressman said Monday.

House Financial Services Committee Chairman Barney Frank, D-Massachusetts, told reporters the Treasury Department agreed to add an oversight board and mortgage foreclosure relief measures to the bailout package.

The Treasury has also agreed that the government would buy shares of the companies it bails out, the Democrat said.

Frank said he agreed the oversight board does not need to be in place for the Treasury program to begin making loans, citing concerns from the department that setting up the board first could slow down the process.

–From CNN Congressional Producer Deirdre Walsh