The administration wants Congress to act quickly on legislation that would give it sweeping new powers to seize financial firms whose collapse could jeopardize the U.S. economy, Treasury Secretary Timothy Geithner said Wednesday.
Because of lax oversight, undeserving companies collected millions in federal contracts from an $8 billion government program designated for small businesses in poor neighborhoods, congressional investigators charge.
President Barack Obama looked to steer the nation's economic attention back to the big picture Tuesday night, away from recent days' micro-focus on outrage over bonuses paid to executives of the federally rescued insurance giant AIG.
The Obama administration aimed squarely at the crisis clogging the nation's credit system Monday with a plan to take over up to $1 trillion in sour mortgage securities with the help of private investors.
The Obama administration launched a new effort Monday to end a paralysis in lending, saying it will team with investors to initially sop up to half-trillion dollars of bad assets from banks that have been reluctant to make loans to consumers and companies.