Pelosi Warns of Strict Terms for Helping Banks
WILLIAMSBURG, Va. As House Democrats prepared to wrap up their three-day retreat with a briefing from Treasury Secretary Timothy Geithner, Speaker Nancy Pelosi (D-Calif.) signaled lawmakers would impose strict requirements on any new aid to help prop up failing banks. Not only do we want to know where the money is going, we want to make sure certain priorities are addressed, Pelosi told reporters Saturday morning, naming mortgage foreclosure forbearance, relief for homeowners and freeing up credit as just some of the conditions under which we would consider any additions going forward. Geithner on Monday is expected to outline the administrations plan for injecting billions of dollars in new capital into financial institutions. Early reports on the plan suggest the White House will hold off on asking Congress for new money beyond the $350 billion left in the Troubled Assets Relief Program fund, which has been assailed by lawmakers and economic experts for its lack of transparency.