GOP conservatives present rescue alternative
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
A group of House conservatives are proposing an alternative plan to rescue shaky financial institutions.
The White House favors a 700-billion dollar bailout that has been revised following negotiations with congressional Democrats.
The plan the conservatives are offering is a package of tax breaks and a new government-sponsored insurance program for mortgage-backed securities. Banks, financial firms and other investors holding toxic mortgage securities would pay premiums to the Treasury to finance the insurance coverage. Institutions holding higher-risk securities would require higher premiums.
Virginia Congressman Eric Cantor, a Republican, says the alternative plan would remove the burden of the bailout from taxpayers and instead place it, over time, on Wall Street.
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.
