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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US Treasury slammed over handling of financial bailout AFP - Saturday, January 10 WASHINGTON (AFP) - - A US congressional panel sharply criticized the Treasury for its handling of a 700 billion financial bailout fund, as lawmakers moved to demand more transparency and accountability. The panel tasked with scrutinizing the operations of the Troubled Asset Relief Program (TARP) said it was in the dark about how some ailing banks that received swift cash infusions were using the aid money. It also questioned the Treasury's basic strategy of using the public funds and apparent failure to ease the home mortgage crisis at the epicenter of the global financial meltdown that president-elect Barack Obama has made a top priority for his incoming administration. But the White House fought back against criticism of the Treasury, whose chief Henry Paulson, a former top Wall Street banker, has been spearheading the Bush administration's efforts to contain the financial turmoil. "The Treasury Department has been balancing the urgent need to act quickly while also adhering to the most rigorous oversight ever imposed," said White House deputy press secretary Scott Stanzel. He noted that Congress had given broad authority to the Treasury Department to deal with "a challenge the likes of which we have never seen." "I think that the Treasury Department has acted swiftly to try to get this money out the door to try to stabilize the financial system, and at the same time deal with the reporting requirements and the oversight requirements." The congressional panel slammed the Treasury for failing to complete answers or address numerous questions over the bailout operations, saying there appeared to be "significant gaps" in monitoring use of taxpayer money. "The panel's initial concerns about the TARP have only grown, exacerbated by the shifting explanations of its purposes and the tools used by Treasury," said the 65-page report by the panel led by Harvard Law professor Elizabeth Warren. About 350 billion dollars from the mammoth fund has been allocated so far, mostly to ailing banks, as well as automakers, and insurance and credit card companies. White House spokeswoman Dana Perino denied a decision had been reached on whether to request congressional approval to allocate the other half of the TARP funds. "There have been discussions between the administration and the (Obama) transition team on how to proceed, should the president-elect determine that he would like president Bush to notify Congress on his behalf of the intent to use the remaining 350 billion dollars so that it will be available early in the new administration." But, she insisted, "no final decisions have been made." The oversight panel, which includes lawmakers from both sides of the political divide, "still does not know what the banks are doing with taxpayer money," the report said. "So long as investors and customers are uncertain about how taxpayer funds are being used, they question both the health and the sound management of all financial institutions." Certain private financial institutions have refused to provide any accounting of how they were using taxpayer money, a move the panel said "undermines public confidence." "For Treasury to advance funds to these institutions without requiring more transparency further erodes the very confidence Treasury seeks to restore," the report said. Lawmakers meanwhile are preparing legislation to make the Treasury more accountable for its handling of the remaining portion of the bailout funds. The plan will "strengthen accountability, close loopholes, increase transparency, and require Treasury to take significant steps on foreclosure mitigation," said Barney Frank, a Democratic lawmaker heading the House Financial Services Committee. The planned legislation further required the Treasury to also consider giving smaller financial institutions similar aid on the same terms as large institutions that received funding. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A view of the Treasury Department. A US congressional panel Friday criticized the Treasury over its handling of a 700 billion financial bailout fund and its strategy of rescuing troubled enterprises. Most Popular – Top Stories Viewed Citigroup: 2-billion-dollar exposure to LyondellBasell Is Tintin gay? Cartoon birthday boy dogged by rumours Half the planet could be hit by food crisis by 2100: study Marks & Spencer to axe 1,230 jobs and close 27 stores Finance fights sex for Aussie dictionary honour View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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