Frank: $700B bailout a three-part plan

WASHINGTON, Sept. 25 (UPI) -- U.S. lawmakers agreed Thursday the $700 billion Wall Street bailout would be divided into three parts, House Financial Services Committee Barney Frank said.

Under the proposal agreed to by Democratic and Republican leaders of committees that will hear the plan, Treasury Secretary Henry Paulson would receive $250 billion immediately and another $100 billion when the White House certifies it's necessary, The Washington Post reported Thursday. The remaining $350 billion could be dispersed without congressional approval, but Congress would be given 30 days to object.

Frank, D-Mass., said the agreement includes an oversight board, a ban on excessive compensation and golden parachutes for executives at participating firms and protections for taxpayers. It also includes relief for community banks that own now worthless stock in mortgage finance giants Fannie Mae and Freddie Mac, which were taken over by the federal government.

After announcing congressional leaders had agreed to principles, however, House Republicans indicated they had another tack for addressing the crisis. Their views were aired during a White House meeting with President George W. Bush, Vice President Dick Cheney, House and Senate leaders, Paulson and presidential candidates Barack Obama and John McCain, among others.

"There are, not surprisingly, different points of view," Ed Gillespie, counselor to the president, told CNN. "The biggest thing (everyone's) got to come to terms with is that we've got to act."