Treasury's Geithner Announces New Rules for Economic Stabilization Act

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Wasting no time in his new position at the U.S. Treasury, Secretary Timothy Geithner announced "several key reforms" to the Emergency Economic Stabilization Act (EESA) on Tuesday.

Citing "President Barack Obama's firm commitment to transparency, accountability and oversight in our government's approach to stabilizing the financial system," a Treasury press release said Geithner outlined new rules designed to limit the influence of lobbyists and special interests in the Stabilization Act.

"American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system," Geithner said. "Today's actions reaffirm our commitment toward that goal."

The new rules include:

- Combating lobbyist influence in the EESA process;

- Keeping politics out of funding decisions;

- Certification to Congress on objective decision making;

- The investment process will be transparent and based on objective criteria.

By Patrick McGee and edited by Nancy Girgis
©CEP News Ltd. 2009