100 Banks

/ The Politico

During a session with House Republicans Tuesday morning, Federal Reserve Chairman Ben Bernanke warned the assembled lawmakers that 100 banks are on the brink of failure if Congress does not quickly grant the Department of the Treasury historic authority to start buying devalued mortgage-related assets, people present said.

Bernanke and Treasury chief Henry Paulson addressed anxious House Republicans in the Cannon Caucus Room Tuesday morning in another effort to alieviate lingering apprehension GOP lawmakers have for the administration plan.

First published on September 24, 2008

The Politico