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Treasury Secretary Henry Paulson issued a sweeping proposal to overhaul how U.S. financial companies are regulated. The proposal does not address the immediate crisis, but seeks to lessen the impact of crises in the future.

The bipartisan Senate bill aimed at easing the nation's housing crisis includes billions of dollars in grants and loans for homebuyers. It also has tax breaks for builders and other businesses. Critics say the bill doesn't go far enough to help struggling homeowners.

Russian President Vladimir Putin is attending the last day of the NATO summit in Bucharest. Russia — and its tense relationship with the West — has loomed over the meeting. Putin is against allowing former Soviet republics Ukraine and Georgia onto NATO's membership track.

President Bush travels to Russia to prepare for his meeting Sunday with Russian leader Vladimir Putin. It's the final summit before both men leave office. Bush hopes to persuade Putin to drop objections to U.S. plans for a missile defense system.

The Senate's new plan to battle the housing crisis includes tax breaks for homebuilders and tax credits to those buying foreclosed homes. It includes little helping for people who are facing foreclosure, however.

Ted Cruz, Texas solicitor general and the drafter of a friend-of-the-court brief signed by 31 state attorneys general asking the Supreme Court to strike down the Washington, D.C., ban on handguns, says the court should clear up years of arguments and state strongly that the right applies to individual citizens.

The Federal Reserve has taken a bold step to infuse Wall Street investment banks with cash, cutting its emergency lending rate to banks by a quarter-point. It also approved the sale of investment bank Bear Stearns to rival JP Morgan Chase for what can only be described as a rock-bottom price.

The Federal Reserve swooped in quickly to prevent Wall Street titan Bear Stearns from going bust and triggering a panic on Wall Street. It's not a bailout in the sense of a taxpayer rescue of a corporation. But it is part of a more activist approach to the credit crisis by both the Fed and the Bush administration's economic team.

Iranians are voting Friday in a parliamentary election with limited choices. Many pro-reform politicians were barred from running as candidates. Conservatives are split over the policies of President Mahmoud Ahmadinejad.

Analysts on Wall Street fear that another big investment bank could be teetering on the edge of disaster. Investors this week will watch closely the earnings of major banks and look for any signs that aggressive moves by the Federal Reserve are bringing stability back to credit markets.