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Nine Dems Oppose Foreign Bank Bailout

Dan Reilly passes this along:

Nine Democratic Senators have thrown a possible wrench into the consensus bill -- a request for a ban on bailing out foreign banks.

Dianne Feinstein, Amy Klobuchar, Jim Webb, Ken Salazar, Bill Nelson, Ben Nelson, Barbara Boxer, Blanche Lincoln and Tom Harkin sent Majority Leader Harry Reid a polite but firm five-point letter. It also calls for "clearly specified" limits on exec comp -- which may be hard to get.

"The provisions include: (1) a new regulatory structure to protect our financial system against further instability; (2) releasing of funds to the Treasury in installments to ensure proper implementation and accountability; (3) a clearly specified limit on executive compensation in rescued companies; (4) ensuring that taxpayers are protected against loss and share in any possible gains; and (5) a restriction on financial assistance to foreign banks and institutions."