Bennet Financial Reform Amendment Dealing with TARP Funds Passes

An amendment offered by Senator Michael Bennet (D-CO) to the Restoring American Financial Stability Act (S. 3217) has been adopted by Voice Vote.

It would “reduce the size of the bailout fund known as TARP by $150 billion and prevent Treasury from redirecting unused funds for new programs,” according to a press release.

It would also ensure that repaid banking, housing and auto bailout funds –  totaling more than $180 billion to date – are used to pay down the deficit, not fund further spending.

(credit image – nytimes)

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Filed under Banks, TARP, Wall Street

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