Geithner to Issue New Lobbying Rules

[tekisui]

Source: AP

WASHINGTON (AP) — Under orders to move quickly on the faltering economy, Treasury Secretary Timothy Geithner is expected to unveil new rules Tuesday to limit special-interest influence involving the $700 billion financial rescue program.

The new rules are designed to crack down on lobbyist influence over the rescue program, according to an administration official with knowledge of the changes.

This official, who spoke to The Associated Press on grounds of anonymity because the new rules had not yet been announced, said that they went farther than restrictions the Bush administration imposed.

The new rules will restrict the contact officials can have with lobbyists in connection with applications for funds from the bailout program, the official said. This official said the rules, which are aimed at making sure political influence is not a factor in awarding rescue money, will take as a model the limits that are imposed on political lobbying of the Treasury Department on tax matters.

In making required reports to Congress on the operation of the $700 billion rescue program, officials will have to certify that each investment decision was based only on objective criteria and the facts of each case. The rescue program will be required to publish a detailed description of the review process conducted in making the awards, and no bank will be considered for an award unless it was recommended for the assistance by the firm's primary bank regulator.

The new rules are coming in the wake of new lobbying reports filed with the government showing that some big banks had stepped up their lobbying efforts late last year even as they received billions of dollars from the bailout program.

The outgoing Bush administration committed the first $350 billion of the rescue fund in ways that left many lawmakers fuming about a lack of accountability and transparency in the program. While lawmakers failed in an effort to block release of the second $350 billion, the Obama administration said it would institute a number of reforms.

more: http://www.google.com/hostednews/ap/article/ALeqM5ha0T93Iyn1OtJBWk2hjKiCUiKvYQD95VFGLO1

[liberal N proud]

1. These guys and their no lobby efforts...

It's FANTASTIC!

But I am sure they are stepping on some very sensitive toes in the process.

[backscatter712]

2. EXCELLENT!!! Nice to see Obama and his crew kick the foxes out of the hen house!

Integrity. What a concept!

[ClarkUSA]

3. President Obama is a president only a liberal/progressive populist could love.

This administration is the cumulation of my dreams for a functional government for The People.

:woohoo: Obama Is 44 :party:

[firedupdem]

4. Another good move from this administration. n/t