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Shelby Latest To Knock Paulson's Plan

The hits just keep on coming for Treasury Secretary Henry Paulson’s proposed bailout legislation.

Sen. Richard Shelby, the top Republican on the Senate Banking Committee, became the latest to join the growing bipartisan chorus of voices criticizing the proposal.

“I am concerned that Treasury’s proposal is neither workable nor comprehensive, despite its enormous price tag,” Shelby said in a statement Monday. “In my judgment, it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted, and may actually cause the government to revert to an inadequate strategy of ad hoc bailouts.”

“Given that markets have recently taken confidence in the prospect of government involvement, I believe Congress must immediately undertake a comprehensive, public examination of the problem and alternative solutions rather than swiftly pass the current plan with minimal changes or discussion. We owe the American taxpayer no less.”