Lobbying firms and special interests have filed nearly 1,700 new registration forms so far in the first quarter of 2009, according to a review of lobbying disclosure forms available online at the Senate Office of Public Records. As the federal government pumps up spending and intervenes in the troubled financial markets, K Street firms appear to have had no shortage of new business.
Our first pass at a database of the registrations shows that some of the financial firms that have received funding under the Troubled Asset Relief Program including Citigroup, JP Morgan Chase & Co., Goldman Sachs and Fifth ...
Continue readingA trillion here, a trillion there…
"History teaches us that an outlay of so much money in such a short period of time will inevitably attract those seeking to profit criminally," the Hill quotes Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program, saying.
It will also attract lobbyists, the members of Congress they enlist in their causes, special interests and others seeking to profit legally from the funds.
Via Instapundit.
Continue readingMust everything be earmarked?
Columnist George Will argues that the Emergency Economic Stabilization Act of 2008 -- the bailout bill that set up TARP, is unconstitutional because it delegates legislative power to the executive branch:
Congress did not in any meaningful sense make a law. Rather, it made executive branch officials into legislators. Congress said to the executive branch, in effect: "Here is $700 billion. You say you will use some of it to buy up banks' 'troubled assets.' But if you prefer to do anything else with the money -- even, say, subsidize automobile companies -- well, whatever."FreedomWorks, a Washington-based libertarian advocacy organization, argues that ...
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More Like This Please
The Washington Post has an excellent profile of Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program... View Article
Continue readingShow Us The Data: Most Wanted Federal Documents
On the occasion of Sunlight Week, our colleagues (and grantees) at the Center for Democracy and Technology (CDT) and OpenTheGovernment.org... View Article
Continue readingRead the Bill: Stimulus Bill and Bonus Loopholes
Last night Sen. Chris Dodd admitted on CNN that he was responsible, under administration pressure, for language in the final... View Article
Continue readingLooking under the TARP
Recently, as part of our work with Pew on Subsidyscope.com, we’ve been taking a close look at the performance of... View Article
Continue readingMaking the bailout more transparent
It's old news -- several trillion dollars ago -- but back in 2008 the Federal Reserve, Treasury and the FDIC started working in tandem on a series of measures to stabilize the financial system. The Federal Reserve's aid is doled our or loaned out in secrecy, despite the dogged attempts of Bloomberg News to pry loose the data; the FDIC has released some, thanks to a Freedom of Information Act request filed by our colleagues at SubsidyScope.com.
[caption id="" align="alignnone" width="480" caption="Banks participating in FDIC's Transaction Guarantee Account Option"]
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You can download data in ...
Continue readingFDIC: The Bailout Beyond TARP
While much media attention has been focused on the Treasury Department’s Troubled Asset Relief Program, there’s been far less coverage... View Article
Continue readingNo Transparency for Bank Stress Tests?
Update: This FAQ from the Federal Reserve has a good run-down on the stress tests. This week, FDIC chair Sheila... View Article
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