Treasury Secretary Timothy Geithner today outlined a retooling of the Treasury Department’s efforts to stabilize financial markets, calling for more detailed examinations of banks and requiring them to increase lending in return for public assistance. According to EPI Research and Policy Director John Irons, “While final details for many parts of the program are still to be determined, the new approach seems to be a significant improvement over the initial bailout efforts. By requiring changes in lending practices, requiring greater balance sheet scrutiny, and by targeting consumer and business loans more directly, the Treasury’s new plan is more likely to impact Main Street and provide overall financial stability.”
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