McCain Calls For Changes To Bailout Plan

From CBS News' John Bentley:

(SCRANTON, PA.) – Saying he is “greatly concerned” about the proposed $700 billion bailout plan put together by Treasury Secretary Henry Paulson, John McCain will be asking for more oversight over who receives funds from the federal government.

McCain will propose a bipartisan committee made up of economic experts such as Warren Buffet (who supports Barack Obama), Mitt Romney (a McCain supporter), and New York City mayor Michael Bloomberg (an independent). Since Paulson may not be the Treasury Secretary after the election, McCain argues, he is asking for a “high level oversight board” to impose a rigorous standard of who gets help and who does not.

McCain will outline his plan at town hall meeting here today. He will also call for a provision in Paulson’s plan that would end the “golden parachutes” of Wall Street CEOs, who have pocketed tens of millions of dollars after their companies have imploded. Any senior executive of a firm that is bailed out by the Treasury, McCain will say, should make no more than the highest paid government official, which is often a great deal less than the typical salary from a private company.