Prickly Congress Greets Paulson, Bernanke

Dodd, Shelby show skepticism
By Kevin Spak,  Newser Staff
Posted Sep 23, 2008 10:32 AM CDT
Richard Shelby, ranking Republican on the Senate Banking Committee, left, talks with Henry Paulson, Ben Bernanke, and Christopher Dodd, Sept. 23, 2008, prior to the committee's hearing.    (AP Photo/Susan Walsh)
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(Newser) – Ben Bernanke and Henry Paulson implored Congress to swiftly pass a $700 billion bailout bill today, as they testified before the Senate Banking Committee. But there was an air of skepticism in the room. Chairman Chris Dodd’s introduction was noticeably prickly, and ranking Republican Richard Shelby was outright hostile, saying the plan rescued “the same financial institutions that created this crisis with their sloppy underwriting and reckless disregard for the risks.”

“I understand speed is important,” said Dodd. “But I am far more interested in whether or not we get this right. There is no second act to this.”