Schumer Pushes For Bailout Changes, Thinks Bill Can Pass By Weekend

Sen. Charles Schumer pushed for changes to the bailout bill Wednesday morning, but remained hopeful that Congress will pass the proposed $700 billion legislation by this weekend.

“I believe we can [pass a bill by weekend] if we work hard,” Schumer said on CNN. “The good thing is, [Treasury] Secretary Paulson, even though he didn’t get such a great reception, has been open to changes and discussion, which is very positive. We haven’t had that from the administration.”

Paulson briefed the Senate Banking Committee on the plan Tuesday. He and Federal Reserve Chairman Ben Bernanke will meet with the House Financial Services Committee on Wednesday.

In the interview, Schumer also pushed for changes to Paulson’s proposal, which he said amounted to a “blank check” for the administration.

Schumer is calling for the plan to work in segments, with the federal government shelling out installments of roughly $150 billion to see if a smaller bailout can stabilize the market. Schumer is also calling for a new fee on all financial services companies to help pay for the bailout.