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Washington
Treasury to unveil new TARP strategy today
WASHINGTON (2/9/09)--U.S. Treasury Secretary Timothy Geithner delayed by a day his intentions to speak on the Obama administration’s plans to revamp the federal government’s $700 billion bailout plan. Geithner is expected to unveil today the administration’s strategy to increase liquidity and new measures to strengthen oversight and accountability in how taxpayer dollars are spent. The plan may include new injections of taxpayer funds into banks, targeted at those regulators have determined are in deepest need of new capital. A Federal Reserve program intended to bolster consumer and small business loans may also be expanded, Bloomberg reported Monday. Under the original Troubled Asset Relief Program (TARP), the Treasury was authorized to spend $700 billion to buy troubled assets from financial institutions, although the department has been criticized for how it has spent the money thus far. Over the weekend, Obama administration officials revised their plans to reveal their TARP strategy Monday so Geithner and others could give full attention to the Senate’s consideration of the President’s economic stimulus plan.


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