Treasury Proposal: Simple But Sweeping

Treasury Secretary Henry Paulson sent his sweeping plan to Capitol Hill late last night, and considering the historic nature of the bailout authority, the actual legislation is short and simple, while granting enormous powers.

The key committees of jurisdiction _ Senate Banking and House Financial Services _ received the plan at 1:30 a.m., according to a Treasury spokeswoman.

We've pasted the full text of the bill after the jump, and will provide more analysis, explanation and reaction throughout the day. The bill would provide $700 billion in purchasing authority for Treasury to buy distressed or illiquid debt. One key passage Congress will certainly want to scrutinize is the relatively thin oversight section regarding reports to Congress.

The full bill is pasted after the jump:
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