Bank stock purchase pushed; ‘no’ to protectionism
World Bank President Robert B. Zoellick pauses during a news conference at International Monetary Fund headquarters in Washington Sunday, Oct. 12, 2008. (AP Photo/Jose Luis Magana)
WASHINGTON (AP) — Treasury Secretary Henry Paulson told international leaders on Sunday that isolationism and protectionism could worsen the spreading financial crisis. With a new trading week dawning, U.S. lawmakers urged quick action by the Bush administration on measures to make direct purchases of bank stock to help unlock lending.
Sen. Chuck Schumer, chairman of the Joint Economic Committee, said an administration proposal to inject federal money directly into certain banks, in effect partially nationalizing the banking system, ‘‘is gaining steam.’’
‘‘I am hopeful that tomorrow, the Treasury will announce that they’re doing it. And they have to do it quickly ... markets are waiting,’’ Schumer, D-N.Y., said.
The administration has not indicated when it would announce its next steps.
Democrats also are lining up behind House Speaker Nancy Pelosi’s plan to bring lawmakers back to Capitol Hill after the Nov. 4 election to work on a second economic r
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