Remaining TARP funds released
Posted: Thursday, January 15, 2009 5:02 PM by Domenico Montanaro
Filed Under:
Congress
From NBC's Ken Strickland
By a 52-42 vote (52 senators supporting it, 42 opposing it), the Senate approved the release of the second half of the $700 billion in the Troubled Assets Relief Fund.
The "no" vote represent those supporting the release of the money.
A House vote is now not required.
This is a win for Obama and his supporters who wanted to $350 billion released.
*** UPDATE *** Obama issued this statement: "Restoring the economy requires that we maintain the flow of credit to families and businesses. So I'm gratified that a majority of the U.S. Senate, both Democrats and Republicans, voted today to give me the authority to implement the rest of the financial rescue plan in a new and responsible way. I know this wasn't an easy vote because of the frustration so many of us share about how the first half of this plan was implemented. There was too little transparency and accountability, and it didn't do enough to get credit where it's needed most... Now my pledge is to change the way this plan is implemented and keep faith with the American tax payer by placing strict conditions on CEO pay and providing more loans to small businesses, more transparency so that taxpayers can see where their money is spent, and more sensible regulations that will protect consumers, investors, and businesses."
