Congress wants say in bailout decisions

WASHINGTON, Sept. 18 (UPI) -- Congressional Democrats and Republicans alike are expressing concern at being left out of decisions concerning the U.S. financial crisis.

Lawmakers said they can't control how or when federal money is used to address Wall Street ills, The Washington Post reported Thursday. Although many congressional members say they agree that steps taken have been necessary to prevent further panic, they said they've been relegated to the sidelines.

House Speaker Nancy Pelosi, D-Calif., said she has asked House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., to determine if Federal Reserve Chairman Ben Bernanke should keep authority to unilaterally bail out failing firms, as he did with a loan of $85 billion to insurance giant American International Group Inc. the Post said.

Lawmakers say they're concerned about how bailout decisions are made, particularly since Lehman Brothers' request for federal financial help was denied, pushing the investment house to file bankruptcy.

House Republicans scheduled a news conference to protest the bailouts that began in March with Wall Street investment bank Bear Stearns and extended recently to Federal National Mortgage Association and Federal Home Loan Mortgage Corp. and AIG.