Senate Panel Hammers Treasury, Paulson
The Post's Binyamin Appelbaum is reporting from Sen. Chris Dodd's (D-Conn.) Banking Committee, which is taking a look at how Treasury is doling out the federal government bailout.
The Democratic senators are taking the opportunity to critique Treasury Secretary Hank Paulson's handling of the bailout.
Here's what some of the senators are saying:
-- Dodd: Treasury's latest focus on consumer lending doesn't make sense. "To put that ahead of home ownership is just to me denying the underlying problem," he said.
-- Sen. Chuck Schumer (D-N.Y.): "Treasury failed to make the rules strict enough" to force banks to lend the money they're getting. If Treasury asks Congress for the next $350 billion of the $700 billion bailout, Schumer said the money will only be provided with more strings attached.
-- Sen. Sherrod Brown (D-Ohio): "If taxpayers's funds are not going to be used for lending, then we need to give serious thought to whether this effort still makes sense." The government, Brown continued, is giving money "to some of the very companies that caused this crisis."
-- Sen. Tim Johnson (D-S.D.): "I have a problem with the use of federal funds for executive compensation and dividends. Both of those should be rewards for a job well done."
-- Frank Ahrens
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November 13, 2008; 11:01 AM ET
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