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Washington
Inside Washington (10/16/2008)
* WASHINGTON (10/17/08)--Federal Reserve Board Chairman Ben Bernanke said in a speech before the Economic Club of New York Wednesday that the Federal Reserve Board believes that the difficulties experienced by firms in financial distress should be addressed through private sector arrangements. “Government assistance should be provided with the greatest reluctance and only when the stability of the financial system, and thus the health of the broader economy, is at risk.” Bernanke also mentioned the Troubled Asset Relief Program (TARP), which was announced earlier this week. “We look to strong institutions to participate in this capital program,” he said ... * WASHINGTON (10/17/08)--Sen. Charles Schumer (D-N.Y.), Joint Economic chairman, said Treasury Department officials appear receptive to some guidelines he wants placed on banks regarding how they are using funds provided by the government to free up credit (CongressDaily Oct. 15). Schumer is concerned the money will not make its way to “Main Street,” and thus encouraged the Treasury to adopt four guidelines. The guidelines would urge banks to use the money to aid small business, refinance mortgages, limit executive compensation and prevent the use of “exotic financial instruments” ...


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