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Photo By: Matthias Kötter |
President-elect Barack Obama's economic team is working on an overhaul the $700 billion financial rescue program with the aim of doing more to spur the flow of credit to the struggling economy, an Obama aide said Friday.
The Washington Post reported earlier that Treasury Secretary nominee Timothy Geithner was working with top Obama economic adviser Larry Summers and others to hammer out a new approach for managing the Troubled Asset Relief Program, also known as TARP.
The transition official confirmed that such an effort was under way and that part of it would likely include using some money from the bailout program to help homeowners avoid foreclosures.
The Obama team is also looking at ways to expand the program to help spur loans to municipalities, small businesses and consumers.
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