Despite Anger, Release of $350 Billion More for Bailout Gains Favor
By DAVID M. HERSZENHORN and EDMUND L. ANDREWS
NYT
WASHINGTON — Republican and Democratic Senate leaders signaled on Monday that they would support the release of the second half of the Treasury’s $700 billion financial system bailout fund, despite anger among many rank-and-file lawmakers over the Bush administration’s management of the program.
As Congress prepared to act, regulators directed thousands of banks to provide more information about how they have used the money received through the bailout program, responding to concern that financial institutions were hoarding the cash rather than lending it to businesses and consumers.
President-elect Barack Obama said on Monday that like Democrats and Republicans on Capitol Hill, his administration would demand substantially greater oversight of the program.
President Bush on Monday formally requested the $350 billion from Congress at the urging of Mr. Obama.
Under the bailout law, Congress can block the money but only if the House and Senate act to do so. The Senate is expected to vote on the request as early as Thursday.
(More here.)
NYT
WASHINGTON — Republican and Democratic Senate leaders signaled on Monday that they would support the release of the second half of the Treasury’s $700 billion financial system bailout fund, despite anger among many rank-and-file lawmakers over the Bush administration’s management of the program.
As Congress prepared to act, regulators directed thousands of banks to provide more information about how they have used the money received through the bailout program, responding to concern that financial institutions were hoarding the cash rather than lending it to businesses and consumers.
President-elect Barack Obama said on Monday that like Democrats and Republicans on Capitol Hill, his administration would demand substantially greater oversight of the program.
President Bush on Monday formally requested the $350 billion from Congress at the urging of Mr. Obama.
Under the bailout law, Congress can block the money but only if the House and Senate act to do so. The Senate is expected to vote on the request as early as Thursday.
(More here.)
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