Treasury unveils bailout lobbying restrictions

[babylonsister]

Treasury unveils bailout lobbying restrictions
By Silla Brush
Posted: 01/27/09 11:13 AM


The Treasury Department on Tuesday unveiled restrictions to curb lobbying by firms receiving help from the $700 billion financial bailout.

Banks and other institutions receiving federal bailout money spent heavily to lobby last year as the financial crisis spread through the economy. The new restrictions are meant to “prevent lobbyist influence” and “restrict contacts with lobbyists” as the bailout funds are allocated.

“American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system. Today’s actions reaffirm our commitment toward that goal,” said Treasury Secretary Tim Geithner, who was confirmed by the Senate on Monday evening.

The new lobbying restrictions are one of the first acts Geithner has put in place as President Obama’s administration works to craft a plan to spend the rest of the funds from the Troubled Asset Relief Program (TARP).

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http://thehill.com/business--lobby/treasury-unveils-bailout-lobbying-restrictions-2009-01-27.html