Pelosi backs 15 billion auto bailout talks continue
House Speaker Nancy Pelosi said negotiations with the White House on a 15 billion auto industry bailout are ongoing with aims to bring a vote this week. The plan would rush bridge loans to Detroit's Big Three and require industry restructuring overseen by a president appointed monitor.
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Washington, D.C
U.S. House of Representatives
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George W. Bush
Associated Press
$15 Billion Left From First $350 Billion Bailout
The Treasury said $335 billion of the first bailout tranche is allocated and $15 billion remains to be spent from the initial $350 billion. Funds include $250 billion in bank capital infusions with partial government ownership, $40 billion to AIG, $25 billion for Citigroup, and $20 billion to the Fed for consumer loan protection.
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Foreclosures urge broader use of rescue funds
House Democrat Barney Frank warned that the remaining 350 billion of the 700 billion rescue program must be directed to foreclosure relief and borrower aid. He cited a lack of meaningful housing help despite 335 billion allocated and urged banks to show lending and modification actions.
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SEC chief calls for neutral accounting rules
SEC Chairman Christopher Cox said accounting rules should be neutral and not serve as a financial steering tool during crises. He indicated that constructive revisions could improve the rules, despite calls from banks to suspend mark to market.
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U.S
Securities and Exchange Commission
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SEC
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