President-elect Barack Obama on Monday asked President George W. Bush to formally request that Congress release the remaining $350 billion in financial sector bailout funds, putting the wheels in motion for votes in the House and Senate this week.

“President Bush agreed to the president-elect’s request. We will continue our consultations with the president-elect’s transition team, and with Congress, on how best to proceed in accordance with the requirements of the statute,” White House spokeswoman Dana Perino said.

It was unclear when the request would make its way to Congress, but senior Senate Democratic aides said a vote is likely to occur by midweek in the House and by Friday in the Senate.