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News Now

Washington
Inside Washington (01/22/2009)
* WASHINGTON (1/23/09)--The House Wednesday passed legislation that would limit how the Obama administration uses funds from the Troubled Asset Relief Program (TARP). Institutions receiving funds from TARP would be required to report on how the money is used and require that $40 billion to $100 billion be used to stop foreclosures (American Banker Jan. 22). House Financial Services Committee Chairman Barney Frank (D-Mass.) said a Senate vote on the bill is not likely. The Credit Union National Association (CUNA) has sought to include credit unions in TARP. Ryan Donovan, CUNA vice president of legislative affairs, said that while the TARP reform bill ultimately is not expected to go beyond House approval, it is a good development if the House goes on record supporting the credit union amendment (News Now Jan. 22) ... * WASHINGTON (1/23/09)--On Thursday, the Senate Finance Committee approved the nomination of Timothy Geithner for Treasury Secretary with a vote of 18 to 5. Democrats unanimously supported the nomination (MarketWatch Jan. 22). Several Republicans said they could not vote for him due to problems with his personal tax return ...


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