KKTV - Economy - Headlines

Treasury Provides Support For Another 92 Banks

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The Treasury Department says it has provided an additional $4.7 billion to 92 banks as part of the government's $700 billion rescue of the financial system.

The department released a list of 49 banks that got final approval last Friday to receive $2.8 billion. It said an additional 43 banks received final approval Tuesday, but those names will not be released until Monday.

The money is being disbursed as part of the government's effort to buy stock in banks, to bolster their balance sheets and spur them to step up lending to fight the worst financial crisis to hit the country in seven decades.

But critics contend that many banks are not using the government funds for the purpose Congress intended.


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