Treasury to offer more support to small banks
The Obama administration will allow smaller banks to reapply for bailout funds, paid for by proceeds from the repayment of loans from larger banks.
Treasury Secretary Tim Geithner announced Wednesday at a meeting of the Independent Community Bankers of America that all banks with assets less than $500 million could apply for more assistance.
“Our goal is to limit the extent to which community banks and tax payers are forced to bear the burden of those institutions that take irresponsible risks,” Geithner said. “They need to be strong enough so that the system can withstand the impact of the failure of large institutions.”
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