WASHINGTON – In one of his last acts in office, President Bush plans to ask Congress to release the additional $350 billion allocated for the Troubled Assets Relief Program though lawmakers want to place additional safeguards on how the money is spent.
Bush said he would ask for the funds if President-elect Barack Obama asked him to and Obama's aides have said they are working with Congress to ensure that there are more controls on how the money is spent.
On Friday, House Financial Services Committee Chairman Barney Frank introduced legislation that would use some TARP funds to provide mortgage relief and ban financial institutions from using TARP funds for acquisitions. The bill also makes permanent the change in FDIC coverage of deposits up to $250,000. Currently, it is scheduled to expire at the end of 2009.
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Lobbyists for CUNA and NAFCU said they would continue to work to make credit unions eligible for TARP funds and would work to ensure that that the National Credit Union Share Insurance Fund receives parity with the FDIC on coverage levels.
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