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House passes bailout goals, restrictions

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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 04:26 PM
Original message
House passes bailout goals, restrictions
http://hosted.ap.org/dynamic/stories/O/OBAMA_ECONOMY?SI...

House passes bailout goals, restrictions


WASHINGTON (AP) -- The House has approved legislation setting goals and limitations on the federal government's use of the remaining $350 billion in the financial bailout fund.

The legislation requires that $40 billion to $100 billion be used to reduce the number of mortgage foreclosures. It also places execyutive pay restrictions on financial institutions that receive the money. It passed by a vote of 260-166.

President Barack Obama's economic team has said he would abide by many of the provisions even without the legislation. The Senate last week agreed to release the second half of the $350 billion Troubled Asset Relief Program to the Obama administration.

The legislation on the restrictions now requires action by the Senate, where it is expected to languish.

:wtf:
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mmonk Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 04:30 PM
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1. The Senate needs to be kicked in the butt.
We especially need to be sure to stem mortgage foreclosures.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 04:37 PM
Response to Reply #1
2. I guess I need to read more, but I don't understand why they'd
let this 'languish'. Not enough votes?
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mmonk Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 06:32 PM
Response to Reply #2
3. I don't know.
Most likely on ideological grounds. They will play politics while more economic carnage takes place I guess.
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Winterblues Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 06:37 PM
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4. Didn't the first $350 billion have limits on executive pay as well?
We have learned how well that worked out..I still feel this is nothing more than a heist/con job that our Democrats have fallen for.
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