InfoAnda - Democrats, Republicans Want More Details On Geithner's New Bailout Plan

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Democrats, Republicans Want More Details On Geithner's New Bailout Plan February 11, 2009 9:50 a.m. EST Kris Alingod - AHN Contributor Washington, D.C. (AHN) - Response among Democrats and Republicans to Treasury Sec. Tim Geithner's first initiative, announced on Tuesday, was mixed, with Democrats praising the secretary's plan on the remaining bailout money but also admitting that key details still have to be worked out. Geithner had outlined the administration's plan for the remaining funds in the government's $700 billion bailout, or Troubled Asset Relief Program (TARP). Called the Financial Stability Plan, the program includes using up to $2 trillion in private and public capital to help troubled banks and restore credit flow. "The capital will come with conditions to help ensure that every dollar of assistance is used to generate a level of lending greater than what would have been possible in the absence of government support," Geithner said in a speech at the Treasury. "We believe this program should ultimately provide up to one trillion in financing capacity, but we plan to start it on a scale of $500 billion, and expand it based on what works." The program will have "a new framework of oversight," which includes a website, Financial Stability.gov, that will let the public track if financial firms and executives are following conditions under the bailout program, including new rules on executive pay announced last week. Sen. Chris Dodd (D-CT), chair of the Senate Banking Committee, spoke before Geithner's speech and said the new bailout plan "will require swift and concerted action" by government using existing authorities. He added that "elements may require new legislation." Rep. Barney Frank (D-MA), chair of the House Financial Services Committee, praised the plan, saying it "made a number of improvements to the overall TARP program that will increase accountability and transparency." But he also expressed concerns about two issues, saying the $50 billion to reduce foreclosures understates the amount that we will need, and that the time the administration said it needed to work on details of the foreclosure reduction plan would be "too much" since "a moratorium is clearly called for." House Speaker Nancy Pelosi (D-CA) said the plan "recognizes the need, for the first time at the presidential level, to address foreclosures systematically and effectively." But House Minority Leader John Boehner (R-OH) said the plan failed to say how much it would actually cost and warned that it "must not open the door for even greater federal involvement in - and taxpayer support of - our financial system." "It is imperative that this plan becomes the first step toward an exit strategy that gets the federal government back out of the private sector. To date, federal officials have failed to detail any such exit strategy," Boehner added in his statement. "However, Secretary Geithner is to be commended for finally including some of the taxpayer protections that House Republicans have fought for from the outset of the TARP program." Geithner is scheduled to testify about the plan before the Senate Budget Committee at 10:00 am ET on Wednesday. He testified before Dodd and the Senate Banking Committee the previous day. Sentiments on Capitol Hill were reflected in Wall Street. Uncertainty over the Treasury's new plan caused the Dow Jones Industrial average to drop 382 points or 4.6 percent. Congress approved the TARP last October amid strong GOP opposition despite appeals from the top Republican, formerPresident George W. Bush. Issues with oversight soon followed. Lawmakers allowed the new administration access to the remaining $350 billion this year only after repeated assurances that more oversight would be set in place when funds are distributed. Obama also had to pledge $50 to $100 billion for a "sweeping" effort to prevent foreclosures. The first TARP infusions under the new administration were made on Jan. 23, and amounted to $386 million. Twenty-three "healthy" banks from across the country were provided capital, the biggest of which was the $111 million given to Indiana-based 1st Source Corporation. The Treasury has said it plans to invest up to $250 billion in "viable U.S. financial institutions." The Treasury last week announced new limits on executive compensation under the bailout program. The rules include capping executive pay at $500,000, excluding restricted stock awards. There is also a new requirement for full disclosure of senior executive compensation structure and strategy in the form of a non-binding shareholder resolution. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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