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September 30th, 2008
Posted: 03:54 PM ET
WASHINGTON (CNN) — Giving Treasury Secretary Henry Paulson unlimited control over $700 billion to bail out the financial sector is unacceptable, a Democratic congressman said Tuesday, arguing that the Bush administration already has “substantial power” to develop solutions. “I have very little confidence in Mr. Paulson,” Rep. Peter DeFazio, D-Oregon, said at a news conference with several other House members, who want Wall Street, not taxpayers, to bear the burden of the bailout. He said the crisis can be resolved with market discipline and regulatory functions, which would open up lending opportunities for banks and other institutions. |
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