Geithner Likely To Seek TARP Extension

U.S. Treasury Secretary Timothy Geithner wants to extend $700 billion TARP until October 2010.


U.S. Treasury Department Secretary Timothy Geithner is reportedly planning to extend the $700 billion Troubled Asset Relief Program until October 2010, according to Bloomberg. The possible move reflects concerns that removing the aid too quickly could hurt the economic recovery.

President Barack Obama said on Tuesday that TARP was a “necessary emergency program,” and that he would like to see Geithner, “continue mobilizing the remaining TARP funds to facilitate lending to small businesses.” The extension would require Geithner to notify Congress of the change, which could happen this week.

On Wednesday the Treasury announced an “open government” plan that would “increase public access to data and information,” including transactions under TARP. Specifically, the plan will make public: new data on tax returns, a reformatted TARP transaction report, and a quarterly report on bank trading and derivatives.

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Click here for the release from the Treasury.