US lawmakers on Sunday agreed on the details of an unprecedented Wall Street bailout and sent the proposal to the full Congress for approval, a key negotiator told reporters.

"We have given the (Treasury) secretary the authority and the resources and the flexibility necessary, that he feels is necessary, and of course he's the one that has to make the call, to hopefully be able to go forward and stabilise the credit markets and free up the credit markets," Republican Senator Judd Gregg told reporters as he released the proposed plan.

Gregg said he thought the final bill was a "good product".

"I hope the House could vote tomorrow and the Senate should vote tomorrow," he said.

According to a summary of the draft plan released earlier by Pelosi, the deal would release some $350-billion initially and condition future payments on approval from Congress.

It would allow the government to buy up troubled assets from pension plans, local governments and small banks serving low-income families, Pelosi's office said.

Four separate oversight agencies or processes, including a presence in the Treasury office would be set up to conduct audits and prevent fraud and an independent inspector general to monitor the Treasury secretary's actions.

It would also give taxpayers an ownership stake and a chance to share in any future profits of participating companies, limit the compensation payments for company bosses and allow the government to help prevent home foreclosures.

AFP