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Obama, Democrats look to revamp bailout
Eager to shift the course of the government's financial sector bailout fund, President-elect Barack Obama and congressional Democrats want to apply greater scrutiny and a more defined mission to the beleaguered $700 billion rescue program. The House could act as early as next week on a new tack for the Troubled Asset Relief Program that would set tougher conditions on recipients of the money, including limits on executive pay, and require the Treasury Department to use some of the money to reduce mortgage foreclosures. At the same time, Obama's selection for treasury secretary, Timothy Geithner, is broadening the program's goals, aiming to unfreeze credit for homeowners, consumers, small businesses and local governments. Posted by: Fred 2009-01-10 |
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