Thursday, December 25, 2008
Nice to see someone else cares.
It looks like Sens. Di-Fi and O-Snowe are upset by the cavalier responses of the banks that received TARP money to the AP survey of what they did with it.
Sens. Dianne Feinstein, D-Calif., and Olympia Snowe, R-Maine, said Tuesday that they will propose legislation next month to force companies that receive money from the fund to report how they've spent it.They are talking the talk and we have to wait until next month to see if they will walk the walk.
The legislation would also prohibit them from spending the taxpayer dollars on lobbying or political contributions. It would also apply to some recipients of the Federal Reserve's emergency lending programs.
The legislation was introduced earlier this year, but the Senate did not take it up. The sponsors have long said they plan to pursue it when the 111th Congress convenes Jan. 6.
“At present, we don't know whether these companies are using these funds to fly on private jets, attend lavish conferences or lobby Congress,” Feinstein said in a statement.
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