Clinton: Use bailout funds for small business, students
WASHINGTON - Sen. Hillary Rodham Clinton yesterday called on the Treasury Department to allocate $150 billion of the recently approved $700 billion economic rescue package to struggling small businesses, colleges, students and municipalities.
In a letter to President George W. Bush and Treasury Secretary Henry Paulson, Clinton said that while the Treasury's Troubled Asset Relief Program will help alleviate the economic crisis eventually, it may be too late for those that need immediate access to more credit.
Clinton proposed establishing an "Emergency Stabilization Fund" that would create temporary lines of credit for small businesses, make funding available to colleges and universities to lessen the tuition burden, increase student loan availability and help stabilize local and state bonds.
"It is a matter of necessity and a matter of fairness: We are helping to keep large Wall Street firms stay afloat with lines of credit. We should do the same for small Main Street businesses as well," Clinton said in the letter.
Clinton's letter came one day after New York Sen. Charles Schumer called on the Treasury to extend the bailout to ensure credit doesn't dry up for student loans. Schumer sent a letter to Paulson and Federal Reserve Chairman Ben Bernanke Monday asking that they "pay special attention to the student loan market."
In a letter to President George W. Bush and Treasury Secretary Henry Paulson, Clinton said that while the Treasury's Troubled Asset Relief Program will help alleviate the economic crisis eventually, it may be too late for those that need immediate access to more credit.
Clinton proposed establishing an "Emergency Stabilization Fund" that would create temporary lines of credit for small businesses, make funding available to colleges and universities to lessen the tuition burden, increase student loan availability and help stabilize local and state bonds.
"It is a matter of necessity and a matter of fairness: We are helping to keep large Wall Street firms stay afloat with lines of credit. We should do the same for small Main Street businesses as well," Clinton said in the letter.
Clinton's letter came one day after New York Sen. Charles Schumer called on the Treasury to extend the bailout to ensure credit doesn't dry up for student loans. Schumer sent a letter to Paulson and Federal Reserve Chairman Ben Bernanke Monday asking that they "pay special attention to the student loan market."
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