President-elect Barack Obama pledged on Sunday to maintain transparency and track the next $350 billion of the economic stimulus package which he said will target credit flow to businesses and families.
He also said his team is making principles on how the remaining part will help in terms of housing and target small businesses.
What I've done is asked my team to come together, come up with a set of principles around how we are going to maintain transparency, Obama said in an interview with George Stephanopoulos on ABC's This Week Sunday.
Obama also said he was disappointed on how the whole Troubled Assets Relief Program (TARP) process had unfolded and noted there hasn't been clear tracking of where the money is going. Several lawmakers have accused banks that received the first half of the $700 billion program of spending recklessly on acquisitions and bonuses to their executives instead of lending the money to consumers.
Let's lay out very specifically some of the things that we are going to do with the next $350 billion of money. And I think that we can gain -- regain the confidence of both Congress and the American people that this is not just money that is being given to banks without any strings attached and nobody knows what happens, but rather that it is targeted very specifically at getting credit flowing again to businesses and families, Obama added.
Obamas' economic team and the Bush administration are reaching an agreement to submit a request for the remaining $350 billion to the Congress as early as this week. Senate Banking Committee Chairman Christopher Dodd, said to reporters last Monday the request for the funds may come as early as this Monday to leave enough time to vote this week, before the presidential inauguration ceremony for Obama scheduled for January 20.