Watch: Sen. John McCain is calling for an oversight board to keep financial firms in check.
(CNN) – John McCain is expected to say Monday morning he is not comfortable with Treasury Secretary Henry Paulson's proposal that appears to give the administration unprecedented power to oversee the nearly $1 trillion federal bailout of the nation's debt-ridden investment banks.
Instead, McCain will call for a bipartisan oversight board that could include financial experts such as former Massachusetts Gov. Mitt Romney, Berkshire-Hathaway CEO Warren Buffet and New York City Mayor Michael Bloomberg.
"We will not solve a problem caused by poor oversight with a plan that has no oversight," McCain is expected to say.
Watch: Margaret Thatcher discusses economic reforms in History
"I believe we need a high level oversight board to impose real criteria for who gets help and who does not; and to ensure that we have a careful steward of the taxpayer’s dollars," McCain will say according to his campaign. "It should be bipartisan and have qualified citizens who have no agenda but the protection of taxpayers and the financial markets."
Related: McCain, Obama to weigh in on proposed rescue plan
Meanwhile, McCain told NBC's Today Show on Monday that he thinks the country is in "the most serious crisis since World War II." Those comments appear at odds with the Arizona senator's initial reaction to the collapse of investment bank Lehman Brothers one week ago when he declared the fundamentals of the economy remained "strong."
Watch: Rep. Barney Frank says Paulson and Bernanke shouldn't be the only ones in charge.
(CNN)—Congressman Barney Frank urged greater oversight on the proposed $700 billion federal government bailout of the banking Industry Monday, saying “people who made bad decisions” shouldn’t be rewarded.
“The notion that while they are getting this help from the federal government we can’t tell them not to have golden parachutes, not to pay millions to some of the very people who made bad decisions as a retirement gift, is unacceptable to us,” Frank told CNN’s John Roberts.
Frank said he admired Secretary Henry Paulson and Chairman Ben Bernanke as capable men, but said “no one two or six individuals ought to have this power.”
Watch: Congressman Barney Frank’s entire interview.
NEW YORK (CNNMoney.com) – The Bush administration's proposed $700 billion financial rescue took fuller shape on Monday as lawmakers debated whether to add provisions to protect taxpayers while banks and other companies called for expanding its scope beyond mortgages.
Democrats want the measure to include independent oversight, homeowner protections and limits on executive compensation.
"We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome," House Speaker Nancy Pelosi, D-Calif., said Sunday.
Watch: What's the latest on the bank bailout plan?
Meanwhile, Treasury Secretary Henry Paulson called on Congress to move swiftly. "We need this to be clean and quick," Paulson said.
(CNN) - Democrats eager to portray John McCain as out of touch with average Americans and as a flip-flopper seized on a report Sunday the Arizona senator and his wife, Cindy, own more than a dozen cars - including several foreign-made automobiles.
A Newsweek article published on the magazine's Web Site Sunday said registration records show the McCains currently own 13 cars - two of which are foreign-made: a Honda and a Volkswagen. That appears to contradict the Republican presidential nominee's past statements he only buys cars made in America. (Cindy McCain also drives a Lexus and daughter Meghan owns a Toyota Prius, but neither are registered to the McCains.)
Newsweek also reported Barack Obama owns one car: a Ford Escape Hybrid.
In a quickly-arranged conference call organized by the Democratic National Committee, United Auto Worker Union President Ron Gettelfinger - an Obama supporter - said the registration records show McCain is not being truthful with Americans and undermining autoworkers.
Listen: Gettelfinger blasts McCain on conference call with reporters
"The last thing we need is a presidential candidate who undermines autoworkers, and these days it seems that John McCain is doing just exactly that," he said. "When he's in the Midwest, he tells voters he supports the industry, when he is in other states he brags about buying a foreign car, as he did with the Prius." (It is not clear if McCain or his daughter bought the Prius)
Gettelfinger also pointed to comments McCain made in an interview with Detroit TV station WXYZ, saying, "I've bought American literally all my life and I'm proud."
"That's really a nice campaign line," Gettelfinger said of the comments. "But it turns out that John McCain wasn't being straight with the people of Detroit, or the state of Michigan, or our country as a matter of effect," adding later, "The American auto industry and the American voters deserve a president who will be straight with them.”
For the record, Honda has four major automobile and engine plants in the United States employing more than 25,000 Americans, according to its Web site. Volkswagen is scheduled to open a plant in Tennessee in 2011 that is expected to employ 2,000 people, the AP reported in July.
Brian Rogers, a spokesman for McCain, said "Barack Obama is more interested in childish political attacks than confronting the reality that his plans to raise taxes and close off trade will kill our American auto industry and the jobs of hardworking folks in Michigan and all around our nation."
Rogers also said McCain was referring to his own car in the WXYZ interview: "He drives a Cadillac today and has always driven American cars," Rogers said.
Newsweek's report comes a month after McCain now-infamously could not name how many houses he owned in an interview with Politico. The publication later reported he owns at least eight properties.
USA TODAY: Economy takes center stage ahead of foreign policy debate
Democrat Barack Obama and Republican John McCain are trying to influence the course of the Bush administration's Wall Street bailout plan as they prepare for their first debate this week.
AP: Obama to head south to prepare for debates
Democratic presidential nominee Barack Obama planned to head to Florida this week for three days of preparation for the first debate of the general election, a matchup that could reshape a tight White House race.
CNN RADIO: Congress reviews bailout plan and Obama, McCain talk economic crisis
Congress prepares for a financial bailout plan and the presidential candidates focus their sights on the economy. CNN's Bob Costantini has today's Political Ticker.
NYT: 2 Candidates Back Bailout, With Caveats
Senators John McCain and Barack Obama warned Sunday that there should be more oversight built into the government’s $700 billion plan to stabilize the financial markets but said the potentially enormous expenditure would not force them to scale back their ambitious governing agendas.
* Sen. John McCain and Gov. Sarah Palin campaign at a joint rally in Media, Pennsylvania
* Sen. Barack Obama campaigns in Green Bay, WI
* Sen. Joe Biden attends a finance event in Washington, DC