Dodd Challenges Treasury Proposal’s Scope

We’ll be posting more items on the Senate Banking Committee hearing involving Federal Reserve Board Chairman Ben Bernanke, Treasury Secretary Henry Paulson, SEC Chairman Christopher Cox, and Federal Housing Finance Agency Director James Lockhart throughout the day, but as an appetizer, here is one comment from Sen. Christopher Dodd:

After calling the $700 billion bailout “stunning and unprecedented in its scope and lack of detail,” Dodd added, in speaking to Secretary Paulson: “After reading this proposal, I can only conclude that it is not only our economy that is at risk, Mr. Secretary, but our Constitution, as well.”

If Secretary Paulson thought he was going to get a big blank check from Congress, he couldn’t have been more wrong.