Congress may require more lending for bailout help
WASHINGTON (AP) -- Congress is looking at requiring banks and other financial institutions to increase their lending to qualify for the second half of a $700 billion bailout program.
Lawmakers complained at a Senate Banking Committee hearing Tuesday that banks have not used the $163 billion that they've already received or been promised by the government to open up their credit lines for more landing.
In New York, Sen. Charles Schumer said: "In these uncertain and difficult times, banks are inclined to hoard rather than to deploy capital."
Schumer said that he and other lawmakers plan to require that banks do more lending to share in the second $350 billion of the program.
The Treasury Department has to get fresh approval from Congress before it can spend any of that money.
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