Congress demands answers on bailout
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/12/10/art.frank.gi.jpg caption="Frank wants more answers from Treasury."]NEW YORK (CNNMoney.com) - Key lawmakers blasted Treasury Wednesday for its handling of the $700 billion financial rescue plan, saying it lacks appropriate measures to ensure the bailout is working.
At a hearing held by the House Financial Services Committee, committee chairman Barney Frank, D-Mass., accused Treasury of failing to address its obligation to address foreclosures and enforce lending obligations on banks.
"Refusal so far to use money for that purpose [of foreclosures] undermines the intent of the bill," said Frank. "What troubled me was when Treasury was asked by the Government Accountability Office, 'What are you doing to ensure banks are lending?,' they appeared to be saying, 'We're not going to try to find that out.'"
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The roosters are coming home to roost all over the country. This is just the beginning. I hope the Obama administration and the feds will investigate everyone, Governors and Mayors alike.
What is the big supprise??? Congress donatated the $700 M plus of our tax payer money to the bailout WITHOUT requiring any type of accountability. This $700 M plus will disappear and no body will know where it went!!!!!!!!!!!!!!!!!!!!!!!
This is EXACTLY why congress paraded the big three in front of them like it did. They have no, and will never get, any accountability for the banks bailout. So some moron on the hill says to auto industry, "ok, we really mean it this time. You're gonna tell us where our money goes". Goes to show how nobody takes our government seriously.
Get Over It> So you somehow have the ability of being able to look at a photo and know someone's heart? That's amazing!