Pelosi: Nothing personal Mr. Paulson

Speaker of the House Nancy Pelosi (D-Calif.) announced that she is not buying into the proposed $700 billion rescue package. She said that the Secretary of the Treasury Henry Paulson’s proposal is giving away “very expensive powers” without oversight.

“Nothing personal Mr. Paulson, we don’t want any secretary of the Treasury having that much power,” Pelosi said.

According to the speaker, progress is being made on the bailout issue currently debated in Congress, saying there is need for a strong oversight for the situation not to repeat itself again and the bill will need serious revision before complete. Pelosi said that the market should not be stabilized with taxpayers money. “There had to be a clear message to the markets that Congress would act, and we would act responsibly,” she said.

Pelosi said that protecting the taxpayer and stabilizing the markets are the goals of any legislation, “We will have a package that will speak to the issue in a substantial way, and the markets of our seriousness” Pelosi said.

Pelosi admited she is not certain if the current situation will have changed after today’s White House meeting, saying a lot of decisions is still to be made before the markets reopens on Monday.