Pushing TARP TransparencyJanuary 14, 2009 - by Donny Shaw
Chris Bowers at Open Left posted this video of freshman Democrat Rep. Alan Grayson at yesterday’s Financial Services Committee hearing grilling Fed Vice-Chairman Donald Kohn on the lack of transparency in the financial bailout:
The related legislation here, as I’ve been writing about a lot this week, is the TARP Reform and Accountability Act. The bill is designed to require more accountability and transparency in how the second $350 billion tranche of the TARP money is spent. Rep. Barney Frank, the bill’s sponsor, is now backing away from passing his own bill, saying that he is willing to accept the Obama administration’s word that they will act as if it were the law.