(CNN) - President Obama said Saturday his aides are crafting a new plan to revive the country's financial system - and to make sure CEOs don't misuse bailout funds.
"We'll ensure that CEOs are not draining funds that should be advancing our recovery," Obama said, in his weekly radio/YouTube address airing Saturday morning. "And we will insist on unprecedented transparency, rigorous oversight and clear accountability, so taxpayers know how their money is being spent and whether it is achieving results."
News that corporate executives had handed out $20 billion in bonuses last year spurred tough words from Obama this week. The president blasted those bonuses as "the height of irresponsibility," and seemed to say there could be consequences for those decisions.
"While I'm committed to doing what it takes to maintain the flow of credit, the American people will not excuse or tolerate such arrogance and greed," President Obama told listeners Saturday morning. "The road to recovery demands that we all act responsibly, from Main Street to Washington to Wall Street."
He also said that Treasury Secretary Timothy Geithner is preparing a strategy to lower mortgage costs and increase the flow of credit.