Legislators Urge Bailout Policing

Just off the heels of watchdog Neil Barofskys’ report that revealed how many banks across the country are misusing the bailout funds that were meant to stimulate lending, two senior Democratic lawmakers have asked President Obama’s administration to put the mechanisms in the place that would make the $700 billion bailout more transparent to the American public.
 
Senator Max Baucus of Montana and Representative Edolphus Towns of New York have led the charge to petition Treasury Secretary Timothy Geithner to adopt the recommendations issued in the watchdog report. Baucus is the head of the Senate Finance Committee and Towns is the …read more