The Treasury Department has released written responses to questions posed earlier this month by the Congressional panel charged with oversight on the $700 billion Troubled Asset Relief Program.
The Treasury Department defended its shifting approach to stabilizing the financial markets, and insisted that the measures it has taken so far have helped avert a greater crisis.
"The most important evidence that our strategy is working is that Treasury's actions, in
combination with other actions, stemmed a series of financial institution failures,'' the agency wrote to the Congressional Oversight Panel for Economic Stabilization. "The financial system is fundamentally more stable than it was when Congress passed the legislation.''
To read the Treasury Department's comments in full, click on this link to the document.
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