Geithner Says Some TARP Spending to Continue in 2010
Treasury Secretary Timothy Geithner on Wednesday pledged to wind down the Troubled Asset Relief Program, but he indicated spending would continue in 2010 in a few areas.
“We will continue terminating and winding down many of the government programs put in place last fall,— Geithner said in a letter to Speaker Nancy Pelosi (D-Calif.).
New commitments will be limited to efforts to “mitigate foreclosure for responsible American homeowners,— provide for small-business lending and assist the Term Asset-Backed Securities Loan Facility, which he said “is improving securitization markets that facilitate consumer and small-business loans, as well as commercial mortgage loans.—
Republicans objected to the continuation of the program. House Minority Leader John Boehner (R-Ohio) issued a statement calling on the administration to shut down the program by year’s end.