Congress is rightly concerned about how and who will manage the bailout. There is no doubt that banks should not be given blank checks at arbitrary pricing for their toxic assets. Also, the Senior Executives of banks benefiting from the bailout must also agree to forgo bonuses for a number of years.
The markets need a quick positive signal from Congress, delays could bring down the entire financial world. Congress should pass a simple bailout package without getting bogged down into the hows and whys. They should request Warren Buffett to manage the entire bailout package. He is the shrewdest investor and will drive hard bargains with banks before giving them a dime. Let him impose conditions as he deems fit. He is already of the opinion that bankers will have to give up bonuses for a while.
Going by Warren's track record, an investment of $700 billion of tax payers money will probably come back to the treasury as $1 trillion. All he needs is a handful of good people to help him manage this.