Senators Press Geithner For Details On Bailout Plan

By: Associated Press Email
By: Associated Press Email

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Tuesday, February 10, 2009

Senators are pressing Treasury Secretary Timothy Geithner to provide more details for his new, overhauled program to assist the nation's financial sector.

Sen. Richard Shelby of Alabama, who is the top Republican on the Senate Banking Committee, said Tuesday it's hard to test the merits of a plan that is not fully spelled out.

Geithner concedes that the plan he outlined earlier in the day is only the "broad architecture" of the program.

Banking Committee Chairman Christopher Dodd of Connecticut told Geithner at a Senate hearing he would like more specificity on the Obama administration's plan to mitigate mortgage foreclosures.

Geithner's plan relies on the unspent $350 billion installment of the $700 billion bailout fund.

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