Congress and President-elect Barack Obama are expressing concern over lack of information about how the bailout money is being allocated and spent: "House Financial Services Chairman Barney Frank, D-Mass., blasted Treasury on Wednesday following the release a day earlier of a report saying the government has no effective way to verify that money spent as part of the $700 billion rescue will increase lending. 'The bad news was confirmation by the [Government Accountability Office] in its first report about the program that Treasury has no way to measure whether taxpayer funds invested in banks are being used in accordance with the purpose of the law — to increase lending,' Frank said. 'The much worse news is Treasury’s response that it does not even have the intention of doing so.'"
Yep, time to shine a little sunshine on the process. It's interesting how AIG, Citigroup, and others didn't have to submit detailed plans on how they were going to reorganize and use taxpayer money and the Big 3 automakers did.
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