Obama: $350b bailout needs to help people

WASHINGTON (AP) - President-elect Barack Obama is calling for more transparency and strict guidelines for using the second half of the $700 billion financial bailout fund.

By: Associated Press | WNCT
Published: January 12, 2009

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WASHINGTON (AP) - President-elect Barack Obama is calling for more transparency and strict guidelines for using the second half of the $700 billion financial bailout fund.

On ABC's "This Week," Obama says he's asked his economic team to come up with ways to ensure more openness about how the money is spent and to focus on using it more to help homeowners and small businesses.

Obama voiced dissatisfaction with how the first $350 billion was spent under the Troubled Asset Relief Program passed by Congress last fall, saying there hasn't been enough oversight.

The Congressional Oversight Panel raised detailed questions last week about how banks are spending the money.

The incoming president's economic team and the Bush administration are in consultations about release of the second $350 billion allocated under the bailout measure.

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