Yesterday leaders in both the House and the Senate said there could be legislative action before year-end to address the Wall Street crisis and the resulting repercussions pushed onto Americans.

"We're hoping that the administration will make some proposal about that and perhaps we will, as well, when we see where the failures are most glaring," said Speaker of the House Nancy Pelosi (D-CA). "I don't think the American people want us to wait until next year."

Pelosi asked the House Budget Committee to examine the fiscal consequences of the government bailouts, including the threat that they could inflate budget deficits, which are already pushing the envelope.

The Financial Services and Government Oversight committees are already are planning hearings.

Stocks soared as word spread throughout the market that Treasury Secretary Hendry Paulson Jr. was planning to create a more comprehensive way to deal with struggling financial institutions.

In fact, the Dow Jones shot up more than 400 points after investors heard the reports.

With the U.S. government recently shoveling out tens of billions of taxpayer dollars for financial company bailouts, legislators have come up with some of their own plans to get Wall Street in line and to improve America’s financial health.

Here are some examples of the proposed plans and the lawmakers who helped to developed them:

Sen. Charles E. Schumer (D-NY): Wants to establish a new government agency that supplies struggling financial companies with cash provisions.

In exchange, the agency would take an equity stake in the bank and the bank would be obligated to allow bankruptcy courts to modify home loans during the filing bankruptcy proceeding, which is currently barred.

Those efforts were crushed by heavy opposition from the banking industry, saying that lenders would just charge higher interest rates for home loans to offset the chance that a bankruptcy judge might modify the loan.

Reps. Scott Garrett (R-NJ) and Marcy Kaptur (D-OH): Want to establish a bipartisan committee to investigate the recent government bailouts and the actions of the Bush administration.

They and other lawmakers are calling on the White House to stop bailing out financial institutions.

"It is time to bail out the American taxpayer from bailout mania," said Texas Republican Jeb Hensarling, who chairs the Republican Study Committee. "Today, House conservatives are calling upon the Treasury, the Fed and Congress to end the bailouts."

Hensarling added that any short-term gain is not worth the ultimate cost, citing Japan’s era of economic decline after the government attempted to save struggling Japanese companies.

A Republican back lash has been growing against the Bush administration and its unprecedented financial bailouts as GOP leaders say they haven’t been briefed on the deteriorating Wall Street crisis.

There’s also loud bipartisan disgruntle over the fact that the Bush administration has been working almost entirely behind the backs of the other branches of government.

The White House responded by saying that they had to act quickly and that Federal Reserve and Treasury Department officials were briefed about the AIG takeover.

The Bush administration is also facing criticism that after years of saying it didn’t believe in “big” government and rejecting market-regulation legislation, it is now acting hypocritically.

“[Bush’s] philosophy of non-government has come back to haunt him," said Senate Majority Leader Harry Reid (D-NV), commenting on the White House’s alleged about-face.