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White House suggests it might use TARP funds for auto makers

December 12, 2008 The White House on Friday indicated it might tap into the $700 billion Troubled Assets Relief Program to provide funding to Big Three automakers after the Senate failed to pass legislation providing loans allowing them to revamp their operations. The Bush administration had refused to use TARP funding to assist ...

Treasury official vows to beef up oversight of bailout funds

December 10, 2008 Criticized for lack of oversight of Troubled Assets Relief Program money, the Treasury official overseeing the $700 billion fund Wednesday detailed steps to improve monitoring of the program. "We've heard the feedback," interim Assistant Secretary for Financial Stability Neel Kashkari told the House Financial Services Committee. "We got it. We ...

Consumer group to lead fight for financial product safety agency

December 5, 2008 The Consumer Federation of America will lead the charge next year in pushing to create an agency similar to the Consumer Product Safety Commission that would regulate financial services products. Elizabeth Warren, a law professor at Harvard University, announced Friday the federation will take the lead with its allies in ...

Frank, Obama call for better oversight of bailout funding

December 3, 2008 House Financial Services Committee Chairman Barney Frank, D-Mass., might hold an oversight hearing as early as next week on the Troubled Assets Relief Program after Tuesday's release of a blistering Government Accountability Office report that found the Treasury Department had not taken sufficient safeguards in monitoring allocation of the $700 ...

Treasury official urges patience on rescue fund

November 10, 2008 The Treasury official overseeing the $700 billion rescue fund Monday urged patience as his department begins allocating the money to stabilize financial markets -- even as Congress has ramped up criticism over the program's implementation. Interim Assistant Treasury Secretary for Financial Stability Neel Kashkari said in a speech that although ...

Senate sends economic rescue bill to the House

October 2, 2008 The Senate Wednesday night overwhelmingly passed a multibillion-dollar rescue fund for at-risk financial institutions, placing additional pressure on the House to clear the measure amid signs that opposition appears to be cracking in the lower chamber. The 74-25 vote came as some House members who opposed the package Monday said ...

Senate expected to pass $700 billion proposal with ease

October 1, 2008 The Senate is expected to pass legislation that would provide a multibillion-dollar bailout to financial institutions, forcing House leaders to try to cobble together a majority on the package that the lower chamber rejected Monday. The Senate vote should be anticlimactic as both Majority Leader Harry Reid, D-Nev., and Minority ...

Lawmakers propose government entity to steady financial sector

September 19, 2008 Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke told congressional leaders in an emergency meeting on Thursday night that they were working to create a government mechanism to purchase the bad assets of firms teetering near insolvency -- the latest dramatic step by the government to stem the ...

Veto threat issued against House terrorism insurance bill

September 17, 2007 The Bush administration has threatened to veto a House bill that would reauthorize the federal government's terrorism risk insurance program because it would expand the program at significant cost over a 15-year period. In a Statement of Administration Policy, the White House said the bill violates all three elements that ...

Terrorism risk insurance bill faces budget obstacles

September 10, 2007 House Financial Services Chairman Barney Frank, D-Mass., said he believes he will be able to work around pay/go problems snagging a bill to reauthorize the federal government's terrorism risk insurance program. Frank suffered a setback last week when the Congressional Budget Office ruled that the bill, which would reauthorize and ...