Oversight Panel Cites Global Impact Of TARP Funds
MELISSA BLOCK, Host:
From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
MICHELE NORRIS, Host:
A lot of the money that the federal government poured into its bank rescue program probably ended up overseas. That's the conclusion of a report issued today by a congressional panel overseeing the Troubled Asset Relief Program, or TARP. It says the government needs to do a better job tracking funds flowing to foreign banks. More now from NPR's Jim Zarroli.
JIM ZARROLI: Warren says many of these had significant ties to foreign investors, and when the U.S. government gave them money, much of it essentially flowed overseas.
ELIZABETH WARREN: The result appears to be that America's rescue had a much greater impact on other nations than their rescue programs had on the United States.
ZARROLI: Still, she says, the U.S. needs to do a better job tracking where its rescue money goes.
WARREN: If the U.S. had gathered more information about the flow of rescue funds, it could have asked other countries to share the pain.
ZARROLI: Jim Zarroli, NPR News, New York.
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