Obama: Bailout must have oversight

WASHINGTON, Sept. 23 (UPI) -- Democratic presidential candidate Barack Obama said he'd support a bailout of U.S. financial markets only if it had proper oversight and protects taxpayers.

The Illinois senator stopped short of requiring specific language, but said the measure "must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street," The Hill reported.

The ability to spend $700 billion of taxpayer money "cannot be left to the discretion of one man, no matter who he is or which party he is from," Obama said. "I have great respect for (Treasury) Secretary (Henry) Paulson, but he cannot act alone."

If U.S. taxpayers are expected to underwrite the bill in solving the financial markets crisis, "they must be treated as investors," Obama said, and share in the upside as Wall Street recovers.

Also, a Wall Street bailout plan "must provide help to families who are struggling to stay in their homes," he said.

Obama said a second economic stimulus plan shouldn't be added to the bailout.

But "as we solve the immediate crisis on Wall Street," he said, "we should move with the same sense of urgency to help Main Street."