By Billy House/Media General News Service
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WASHINGTON -- Florida’s Republican U.S. senator, Mel Martinez, says that he supports moving forward with the Bush Administration’s $700 Wall Street bailout plan.
But Florida’s Democratic senator, Bill Nelson, wants additional measures that he says would rein in excessive compensation and help more homeowners avoid foreclosures.
“It is an unprecedented amount of authority upon the Secretary of the Treasury, but I think we are in the midst of an unprecedented crisis. So I believe that we need to be very clear that this has got to be done,” said Martinez,” who sits on the Senate Committee on Banking, Housing and Urban Affairs.
In a telephone conference call with reporters, Martinez also said that “a strong, regulatory overhaul of the whole system” is needed. But he said that is something Congress should pursue later.
Martinez said he personally agrees with those calling for executive compensation limits, and that something along those lines might be included in any bailout plan approved this week.
He said he was also concerned the administration’s bill does not directly address the downward spiral of home prices, adding, “I believe it’s an issue of inventory as well as an issue of credit.”
But he said he was opposed attaching too many extra items onto the bill, including economic stimulus measures.
Meanwhile, Nelson issued a statement today, saying: “There’s no way I’m going vote to bail out the banks that caused the problem in the first place and leave the homeowner with the short end of the stick.”
“Any proposal needs to help homeowners restructure their mortgages to avoid foreclosure,” said Nelson. ““Also, we need more transparency and accountability from Wall Street; and, we need to rein in executive pay that isn’t based on performance.”
Reporter Billy House can be reached at bhouse@tampatrib.com or at 1 (202) 662-7673.
But Florida’s Democratic senator, Bill Nelson, wants additional measures that he says would rein in excessive compensation and help more homeowners avoid foreclosures.
“It is an unprecedented amount of authority upon the Secretary of the Treasury, but I think we are in the midst of an unprecedented crisis. So I believe that we need to be very clear that this has got to be done,” said Martinez,” who sits on the Senate Committee on Banking, Housing and Urban Affairs.
In a telephone conference call with reporters, Martinez also said that “a strong, regulatory overhaul of the whole system” is needed. But he said that is something Congress should pursue later.
Martinez said he personally agrees with those calling for executive compensation limits, and that something along those lines might be included in any bailout plan approved this week.
He said he was also concerned the administration’s bill does not directly address the downward spiral of home prices, adding, “I believe it’s an issue of inventory as well as an issue of credit.”
But he said he was opposed attaching too many extra items onto the bill, including economic stimulus measures.
Meanwhile, Nelson issued a statement today, saying: “There’s no way I’m going vote to bail out the banks that caused the problem in the first place and leave the homeowner with the short end of the stick.”
“Any proposal needs to help homeowners restructure their mortgages to avoid foreclosure,” said Nelson. ““Also, we need more transparency and accountability from Wall Street; and, we need to rein in executive pay that isn’t based on performance.”
Reporter Billy House can be reached at bhouse@tampatrib.com or at 1 (202) 662-7673.