Democrats attempt to bailout plan commitments

Democrats attempt to bailout plan commitments(23 September 2008) U.S. President George W. Bush urged Congress Monday to put his financial rescue plan into action, without adding "unrelated provisions" or "provisions that would undermine the effectiveness of the plan. Bush's economic team sent Congress a $700 billion financial rescue package over the weekend, after a crisis in the markets led to the collapse of a major investment bank, the sale of another, and a government rescue of a gigantic insurance company last week. But the Democrats who control Congress want to put their own stamp on it. House Financial Services Committee Chairman Barney Frank 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. Congressional Democrats and the Treasury still disagree about placing limits on executive compensation and adding a provision allowing bankruptcy judges to alter terms of mortgages. News of the U.S. bailout plan had a largely positive effect on Asian markets Monday. In China, the Shanghai Composite Index soared 7.8 percent on hopes of a turnaround after government steps to stabilize the country's beaten down shares