1/7/2009

Barney Frank, chairman of the House Financial Services Committee, said he and U.S. President-elect Barack Obama have an "agreement in principle" over releasing the remaining $350 billion of the economic rescue in exchange for bank commitments to aid struggling homeowners and limit bonuses. Congressional leaders have criticized the Bush administration for not setting tough conditions on the first $350 billion given to financial institutions. This time, lawmakers plan to require companies to use the money for foreclosure relief and to make more loans while restricting dividend and bonuses.

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Bloomberg

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