Gillibrand, McNulty address Wall Street bailout

New York's congressional representatives addressed the proposed Wall Street bailout on Monday before heading to Washington to take part in the debate.

Democrats Kirsten Gillibrand and Michael McNulty left with certain expectations.

"I really want to make sure that we do protect the small community banks across the nation who have been part of the success of our economy through the years, and are not part of this problem," McNulty said. "I just hope we do the right thing."

Gillibrand said it is "concerning" to allow Treasury Secretary and former Goldman Sachs CEO Henry Paulson to have unrestricted control over $700 billion.

"What's to stop this investment bank that he's just hired from giving special deals to the employer that's going to employ him after he's done, or to his previous employer, or to someone whom he's friends with?" she said. "If you don't have any oversight and accountability, well then there's an enormous opportunity for fraud and waste of taxpayer dollars."

Gillibrand added, "As this bill is written today -- that I've read -- it is entirely for Wall Street and not for Main Street."

Congressional leaders have said they would like to complete a bailout deal by Friday. Stay with CBS 6 News for the latest developments.