President-elect Barack Obama's top economic adviser told congressional leaders Monday that the incoming president would broaden goals for using the remaining $350 billion financial bailout and insure transparency and oversight according to AP. Larry Summers, Obama's designated National Economic Council chief, wrote House and Senate leaders that the need for the second half of the $700 billion fund was «imminent and urgent. Summers' letter lays out how Obama intends to use the remainder of the Troubled Asset Relief Program to help community banks, small businesses, consumers and homeowners in addition to the massive sums that have already gone to threatened large financial organizations. He also specified that Obama wants to launch a «sweeping effort» to mitigate home mortgage foreclosures. Obama on Monday asked President George W. Bush to seek the remaining bailout money so the new administration would have it available soon after inauguration of Jan. 20. Summers' letter included tacit acknowledgment of bipartisan congressional dissatisfaction with the manner in which the Bush administration has administered the first half of the funds. «The president-elect also shares the frustration of the American people that we have seen too little effect from this rescue plan on jobs, incomes, and the ability of responsible homeowners to stay in their homes,» Summers wrote. «He believes the American people are right to be angry with the way this plan has been implemented.»
