×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: TARP | is | not | Slush | Fund

U.S. Oversight Panel Chief: TARP Not a Slush Fund

Wednesday, 09 December 2009 02:40 PM EST

The U.S. Treasury must seek Congressional approval if it wants to funnel some of its $700 billion bailout fund to jobs programs that do not involve financial services firms as intermediaries, a key overseer said on Wednesday.

Elizabeth Warren, chairman of the Congressional Oversight Panel, told CNBC television that the Obama administration cannot simply spend TARP funds "in a jobs program somewhere else."

The panel earlier on Wendesday released a report criticizing TARP for failing to adequately address the home foreclosure crisis and the contraction in credit in the U.S.economy.

"It is not simply a slush fund that can be used on anything anyone wants to do, no matter how worthy," Warren said of TARP.

© 2022 Thomson/Reuters. All rights reserved.


FinanceNews
The U.S. Treasury must seek Congressional approval if it wants to funnel some of its $700 billion bailout fund to jobs programs that do not involve financial services firms as intermediaries, a key overseer said on Wednesday.Elizabeth Warren, chairman of the Congressional...
TARP,is,not,Slush,Fund
115
2009-40-09
Wednesday, 09 December 2009 02:40 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved