WASHINGTON, Jan. 27, 2009 (CBS/AP) Treasury Secretary Timothy Geithner, in his first full day on the job, announced new rules Tuesday to limit special-interest influence on the government's $700 billion financial rescue program.
The new rules are designed to crack down on lobbyist influence over the rescue program and make sure that political clout in not a factor in awarding rescue money.
Obama administration officials said they go farther than the lobbying rules imposed by the Bush administration and are designed to ensure that bailout money is distributed with the goal of promoting the health and stability of the financial system.
"American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system," Geithner said in a statement. "Today's actions reaffirm our commitment toward that goal."
Treasury's new rules restrict the contact officials can have with lobbyists in connection with applications for funds from the bailout program. The new restrictions are modeled on the limits that are imposed on political lobbying of Treasury Department officials on tax matters.
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