President, Sen. Murray want TARP funds to go to smaller banks
KENNEWICK, Wash.-- Today the President announced he wants thirty billion dollars bailed out companies will pay back to go to smaller banks.
The goal is to free up credit to community banks and credit unions so they can lend to small businesses.
Sen. Patty Murray (D-WA) has similar legislation in the senate and says helping the little guy is the best way to help the economy.
"A lot has been done to help big corporations and Wall Street," said Murray. "But those just on the street, small little shops that are the lifeblood of our communities, are hurting because they can't get access to capital through their banks or lines of credit."
The senator hopes to put her bill before the Senate after it goes through committee.
Opponents say current law only allows pay back money to reduce the public debt.