Oversight committee criticizes Treasury's handling of TARP

12/10/2008 | Bloomberg

A committee established by Congress to oversee the $700 billion economic rescue issued a report that criticizes the U.S. Treasury. "Households that are struggling with debts -- mortgages, student loans, credit cards, car loans, payday loans and other credit devices -- are at the center of the current crisis," according to the report. "For Treasury's disbursements to be effective in the context of the broader economic downward spiral, Treasury must have a strategy that addresses this underlying problem." The report also urges the department to explain its efforts more clearly.

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