Comments on: Bank Bailout With NO Accountability - A Letter to Congress http://www.bloggernews.net/119145 High-quality English language analysis and editorial writing on the news. Thu, 16 Feb 2012 12:58:59 +0000 http://wordpress.org/?v=2.3.3 By: Emeraldion http://www.bloggernews.net/119145#comment-843907 Emeraldion Wed, 24 Dec 2008 01:00:33 +0000 http://www.bloggernews.net/119145#comment-843907 [Related developments] In another Associated Press article from Dec 23, 2008 (http://www.msnbc.msn.com/id/28371313/#storyContinued ), 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 have spent it. 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."It is outrageous that those institutions cannot — or will not — provide information on how they are spending billions of taxpayer dollars," House Speaker Nancy Pelosi said in a statement Monday. Pelosi said she has asked House Financial Services Chairman Barney Frank, D-Mass., to draft legislation that would ensure government funds are used for more lending to consumers. Congress will consider that legislation before it votes on whether to release the second $350 billion in bailout money, Pelosi said. In a letter sent Tuesday to Paulson, Sen. Susan Collins, R-Maine, said she joined those Americans who were "astonished and outraged" that banks were not explaining how the money was being spent. "This lack of transparency and accountability is deeply troubling," Collins wrote. "The current lack of reporting requirements is unacceptable and cannot be allowed to continue." The bill is S. 3698. [Related developments]

In another Associated Press article from Dec 23, 2008 (http://www.msnbc.msn.com/id/28371313/#storyContinued ),
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 have spent it. 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.”It is outrageous that those institutions cannot — or will not — provide information on how they are spending billions of taxpayer dollars,” House Speaker Nancy Pelosi said in a statement Monday.

Pelosi said she has asked House Financial Services Chairman Barney Frank, D-Mass., to draft legislation that would ensure government funds are used for more lending to consumers.

Congress will consider that legislation before it votes on whether to release the second $350 billion in bailout money, Pelosi said.

In a letter sent Tuesday to Paulson, Sen. Susan Collins, R-Maine, said she joined those Americans who were “astonished and outraged” that banks were not explaining how the money was being spent.

“This lack of transparency and accountability is deeply troubling,” Collins wrote. “The current lack of reporting requirements is unacceptable and cannot be allowed to continue.”

The bill is S. 3698.

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