WASHINGTON – NCUA Chairman Michael E. Fryzel today asked senior members of the House and Senate banking committees to support efforts to persuade Treasury Secretary Henry Paulson to reverse his decision not to have the government buy troubled assets of financial institutions.
In a letter to the chairmen and ranking members of the two panels, he reiterated his opinion that Paulson was ignoring Congress' intent when creating the Troubled Assets Relief Program.
Fryzel also noted that the program was "welcomed by credit unions and seen as a mechanism which would enable them to remain safe, solvent and secure."
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On Wednesday, Paulson announced that he wouldn't use any of the $700 billion allocated by Congress to buy bad assets because the money could be more effectively spent to inject capital into financial institutions and other firms through stock purchases.
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