Treasury secretary cracks down on lobbyists
Treasury Secretary Timothy Geithner is taking a no-nonsense approach when it comes to bailout funds.
Your online payday loan source keeps you informed on the government’s use of $700 billion in bailout money.
Last year $700 billion in government funds was slated to aid the mortgage crisis and stabilize the financial system. Now it seems more companies are trying to get a piece of that pie, and lobbyist are quick to speak up for their favorite candidates.
The auto industry has asked for billions of dollars to prevent a meltdown, and it is predicted that auto parts companies will request a $10 billion to $12 billion bailout as well. Newly appointed Treasury Secretary Timothy Geithner has decided enough is enough.
Drawing a line in the cash
Geithner has made it clear that corporate lobbyist and Congressional lawmakers are barred from influencing decisions about what to do with bailout money. He specified that officials in charge of the funds are prohibited from communicating with lobbyists “in connection with applications for, or disbursements of” bailout money.
“American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system,” Mr. Geithner said. “Today’s actions reaffirm our commitment toward that goal.”
The Treasury Department says the efforts are aimed at protecting taxpayer money from political influence. If only we could protect online payday loan regulations from political influence.
Who decides and how?
The Treasury has said they won’t listen to corporate lobbyists and high-ranking officials who are trying to steer bailout money toward specific banks. Instead, they said, Treasury officials will make decisions objectively, based solely on numbers and facts in each case.
Check back with your online payday loan source for more updates on the federal bailout.
I absolutely agree with Mr. Geithner; political influence has a huge impact on how the bailout money is handled. Who, where, and when that money is used should depend solely on the appointed officials, not everyone else. It’s enough that already half of that money is gone. And still, there appears to be no economic progress as a result.
If there was an emoticon that meant a standing ovation, I’d put it in. The lobby system is definitely one of the many things in need of an overhaul, and it is about time a sphere of separation be implemented. That said, auto parts are duplicitously tied to the auto industry – without spare parts, our cars are done if they break done.