Paulson, Bernanke to testify before congress
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AP
Published: November 18, 2008
The two main men behind the $700 billion financial bailout are in for a grilling on Capitol Hill on Tuesday.
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke will testify before the House Financial Services Committee. They’re expected to explain why the administration has ditched its original strategy behind the rescue.
Paulson announced last week that none of the money will be used to buy bad mortgages and other bad bank assets. Instead, the focus will be to put $250 billion into banks in exchange for partial ownership stakes. Officials will also try to boost availability of auto loans, student loans and credit cards.
Consumer credit has been harder to come buy because of the financial crisis.
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