Appearing on CNBC, Senator Charles Schumer laid out the Congressional plan, which, if approved, would be delivered in instalments as opposed to the Treasury's request for $700 billion.

Schumer confirmed that the plan from Congress would see $250 billion approved upfront, with another $100 billion available if the President certifies that the financial emergency continues.

A final $350 billion could be delivered in May 2009, Schumer told CNBC.

He said the Congressional plan is better than the one proposed by Treasury Secretary Henry Paulson. He also revealed that two independent boards would be charged with the oversight of the plan, one of which would include congressional representatives.

By Stephen Huebl and edited by Sarah Sussman
©CEP News Ltd. 2008