Do you support Congress's bailout plan, or the House Republicans' bailout plan?
* Rather than providing taxpayer funded purchases of frozen mortgage assets, we should adopt a mortgage insurance approach to solve the problem.
* Currently the federal government insures approximately half of all mortgage backed securities. (MBS) We can insure the rest of current outstanding MBS; however, rather than taxpayers funding insurance, the holders of these assets should pay for it. Treasury Department can design a system to charge premiums to the holders of MBS to fully finance this insurance.
* Have Private Capital Injection to the Financial Markets, Not Tax Dollars. Instead of injecting taxpayer capital into the market to produce liquidity, private capital can be drawn into the market by removing regulatory and tax barriers that are currently blocking private capital formation. Too much private capital is sitting on the sidelines during this crisis.
* Temporary tax relief provisions can help companies free up capital to maintain operations, create jobs, and lend to one another. In addition, we should allow for a temporary suspension of dividend payments by financial institutions and other regulatory measures to address the problems surrounding private capital liquidity.
*Immediate Transparency, Oversight, and Market Reform. Require participating firms to disclose to Treasury the value of their mortgage assets on their books, the value of any private bids within the last year for such assets, and their last audit report.
* Wall Street Executives should not benefit from taxpayer funding. Call on the SEC to review the performance of the Credit Rating Agencies and their ability to accurately reflect the risks of these failed investment securities.
*Create a blue ribbon panel with representatives of Treasury, SEC, and the Fed to make recommendations to Congress for reforms of the financial sector by January 1, 2009.
Senator McCain has outlined five improvements he wants:
1) Greater accountability from a bipartisan board with oversight
2) A path for taxpayer recovery of funds
3) Complete transparency in review of legislation -- all details made available online
4) Absolutely no earmarks to be included in bill
5) Curbs on Wall Street executives' ability to profit from the bill.
Include assistance for home-owners facing foreclosure
1) Subsidies to working families to beat high food and energy prices.
2) 'Mutual responsibility and reciprocity' - Calls for banks to subsidize bad borrowers to "protect homeowners and the economy".
3) New oversight and regulations of our financial institutions - Forcing new bureaucracies and regulations into the private sector
4) Empower unelected foreign entities to the same 'globally coordinated (rescue) effort'