After a lot of lobbying from President-elect Obama, the Senate has voted to release the second half of the $700,000,000,000 bailout rescue money to banks, while a House vote is scheduled for next week.
Now, I’m pretty sure no one on Capitol Hill is reading this, but can I offer a quick suggestion anyway? How about requiring some, I don’t know, oversight on how that money is to be used before you release it? I’m not saying you should necessarily delay authorizing the funds, just require the banks to use them as they’re intended.
Is that so hard?
Obama’s economic advisor stated that the administration “has no intention of using any funds to implement an industrial policy.” Well, that’s nice. Glad to hear they have good intentions. But with $350,000,000,000 on the line, Congress shouldn’t just rely on other people’s intentions. Put it in writing.
Just a suggestion.
Previously:
‘Dude, where’s my $700 billion?’
$700 Billion bailout ‘letting’ the banks win?
