Tags: TARP | is | not | Slush | Fund

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

Wednesday, 09 Dec 2009 02:40 PM

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.

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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...
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Wednesday, 09 Dec 2009 02:40 PM
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