WASHINGTON, USA - US House of Representatives Speaker Nancy Pelosi said on Sunday that the Bush administration's US$700 billion (S$1 trillion) bailout plan for Wall Street lacks 'necessary safeguards' in several areas.

She said Congress will take action this week to protect taxpayers' interests and to ensure the plan includes 'independent oversight, protections for homeowners and constraints on excessive executive compensation.'

The California Democrat said in a statement: 'We will not simply hand over a US$700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.'