New TARP Bill to Aid Small Financial Institutions

The chairman of the House Financial Services Committee has introduced a bill (pdf) reforming the program designed to shore-up the nation's ailing financial structure. It will require the Treasury to permit smaller community financial institutions to participate on the same terms as the large players that already have received funds.

The legislation offered by Chairman Barney Frank (D-Mass.) to fix the Troubled Asset Relief Program is being designed to strengthen accountability, close loopholes, increase transparency and require Treasury to take steps on foreclosure mitigation, according to a Financial Services statement.

The bill, H.R. 384, says that depository institutions that have applied but are still waiting for action on their application will not be penalized and "may receive funding on terms comparable to institutions that received funds prior" to the new bill. The language notes that few smaller community institutions have received any TARP funding to date.

By Sharon McLoone |  January 9, 2009; 3:00 PM ET Economy Watch , Regulation Legislation
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Out of control spending coming to a neighborhood near your wallet.

REPUBLICANS WERE TRASHED, and DEMOCRATS GOT A FREE PASS ON THEIR INVOLVEMENT IN THE CREATION OF THE ECONOMIC MESS

Is that an intelligent way to run a country? Is it right that Democrats be getting off “scott free,” and will now have free reign over fixing the mess?
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http://pacificgatepost.blogspot.com/2009/01/democrat-responsibility-for-economic.html
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No feet are being held to the fire. Can we assume Madoff arrived just in time to take the brunt of it away from Congress?

Will anything change? No chance. America is heading into the new and never before seen levels of debt. Here comes inflation.

Posted by: JamesRaider | January 10, 2009 4:08 AM

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