Obama says not sure if more funds needed for banks

US's Obama said on Monday he was not sure if the government would need more than the remaining $350 billion of bailout funds.

Obama says not sure if more funds needed for banks
U.S. President Barack Obama said on Monday he was not sure if the government would need more than the remaining $350 billion of bailout funds to restore the ailing U.S. financial system.

He said his first task would be making sure those funds were spent wisely and with transparency.

"We don't know yet whether we're going to need additional money or how much additional money we'll need until we see how successful we are at restoring a level of confidence in the marketplace," Obama said during a news conference.

Obama said the government would work to attract private capital back to the banking system, and would help banks cleanse their balance sheets to make them more attractive.

"We are going to have to work with the banks in an effective way to clean up their balance sheets so some trust is restored in the marketplace," he said.

Reuters
Last Mod: 10 Şubat 2009, 09:39
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