Norton Votes for Improvements in Bailout Language but Seeks More (1/15/09)

Norton Votes for Improvements in Bailout Language but Seeks More

January 15, 2009

Washington, D.C. - Congresswoman Eleanor Holmes Norton (D-DC) today voted on a series of amendments to put constraints and mandates on any new bailout or TARP funds (Troubled Asset Relief Program). However, the provision allows retroactive application to amounts already received. Norton preferred more explicit mandates on the Secretary of the Treasury, whom the provision requires to more aggressively help prevent foreclosures and to do more loan modifications. The provision also responds to complaints from community banks by requiring that assistance be made available to them. The provision attempts to correct complaints from Norton and others that no one really knows how the banks and financial institutions are using TARP funds, and requires more explicit public reporting of data. The president-elect has promised to abide by these restrictions while he has vigorously sought release of more bailout funds.