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SENS. MENENDEZ AND SCHUMER CALL ON PAULSON TO PREVENT BANKS FROM USING CAPITAL INFUSIONS TO AQUIRE HEALTHY BANKS OR PROVIDE DIVI
By Senator Robert MenendezWASHINGTON – U.S. Senators Robert Menendez (D-NJ) and Charles E. Schumer (D-NY) are calling on Treasury Secretary Paulson to issue new guidelines for capital infusions being provided to banks as part of the economic rescue plan. The members of the Senate Banking Committee are concerned about reports that banks may use these public funds to purchase other healthy banks or increase dividends to shareholders rather than increasing lending, which was the goal of the Capital Purchase Program.
“People and businesses on Main Street are counting on banks to use this capital to free up lending, prevent foreclosures, and stimulate the economy,” the senators wrote. “If used correctly, they will help students pay for college, families get auto loans, homeowners modify mortgages, and small businesses stay open and keep their employees on the payroll. On the other hand, if the money is used to acquire healthy banks and create a financial empire or to increase dividends, then this rescue package will be transformed into merely a give-away to banks, which is not in the taxpayers’ best interest.”
PDF of letter: http://menendez.senate.gov/pdf/110708SOTLettertoPaulson.pdf
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