“Speaker Pelosi issued the following statement today as Congress and the White House work to craft legislation to address the crisis in our financial markets:

Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests. The Administration’s $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.

We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.”

• New York Times: Democrats Begin to Set Own Bailout Terms
• AP: Paulson urges quick action on $700 billion bailout
• AP: Graphic shows timeline of credit crisis events with banking and mortgage foreclosures data
• From the Wall Street Journal, continuing coverage on Wall Street in Crisis
• Related postings on financial system