Constitutional Law

Oversight Panel Knocks Financial Rescue Plan's Lack of Transparency

A lack of transparency and the guidance of Treasury Secretary Henry Paulson have hobbled the federal government’s $700 billion financial rescue plan, according to a congressionally appointed oversight panel. The Congressional Oversight Panel, led by Harvard Law Professor Elizabeth Warren, in its monthly report, said the financial rescue program’s lack of transparency is undermining confidence in the federal government’s efforts to help the nation’s struggling economy, reported Bloomberg.com. The panel also faulted the program for not providing sufficient help to struggling homeowners. “It is not enough to say that the goal is the stabilization of the financial markets and the broader economy. The question is how the infusion of billions of dollars to an insurance conglomerate or a credit card company advances both the goal of financial stability and the well-being of taxpayers, including homeowners threatened by foreclosure, people losing their jobs and families unable to pay their credit cards.”  

Full post as published by ACS Blog on January 09, 2009 (boomark / email).