NEW YORK, Sept 25 (Reuters) - Congress is making”tremendous progress” on a U.S. bank bailout bill, U.S. Rep.Paul Kanjorski, the chairman of the House of Representative’ssubcommittee on capital markets, a Democrat from Pennsylvania,told CNBC on Thursday.
An agreement on a bailout bill is “almost an accomplishedfact,” and votes are there for both U.S. House and Senatepassage, Kanjorski said.
The bill is to include warrants, mortgage relief forhomeowners, and curbs on compensation, he said.
Late Wednesday, Barney Frank, the Democratic chairman ofthe House Financial Services Committee, said Democrats in theHouse and Senate had reached a deal among themselves onprovisions that should be in bill and planned to meet withRepublicans at 10 a.m. (1400 GMT) and meet at the White Houselater in the day.
Late Wednesday President George W. Bush said he will pressfor agreement on the bailout of U.S. financial firms onThursday in an emergency meeting with lawmakers.
Just weeks before Americans go to the polls to elect theirnext president, critics have expressed concern that a bailoutwill let freewheeling bankers get off too lightly, and doubtshave surfaced over whether the plan can solve the wider creditcrisis. (Reporting by Dena Aubin; Editing by Theodore d’Afflisio) (dena.aubin@thomsonreuters.com; +1-646-223-6325; ReutersMessaging: dena.aubin.reuters.com@reuters.net)) ((Multimediaversions of Reuters Top News are now available for: * 3000 Xtra: visit topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: topnews.reuters.com))
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