Tougher rules to be placed on US bailout package

Kyrgyzstan News.Net
Monday 12th January, 2009

The troubled US financial system is about to see a revision of its much vaunted bailout package.

Both President-elect Barack Obama and Congressional legislators have been targeting the rescue plan, because of growing criticism that it has not done enough to boost the economy.

The US Treasury Department has already spent about half of the bailout money on banks and financial institutions, though this could soon be expanded to municipalities, small businesses and homeowners.

House Financial Services Committee Chairman Barney Frank has said legislators will soon vote on a bill that would impose tougher restrictions on how the bailout money is used.

The Democrat from Massachusetts said the measure would help the government do track how bailout money is being spent and give more help to Americans in danger of losing their homes.

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