SEN. DEMINT: If over the next six months $50 billion comes back, will $50 billion go into the general fund of the United States?
SEC. GEITHNER: The way the TARP is designed -- and I didn't design this -- but the way it's designed is every dollar that comes back goes into the general fund but that does still create additional head room under the $700 billion authority for us to make capital investments -- make investments. So we have the ability to still use the $700 billion if we think there's a strong case for doing that, but the way the program works is a dollar comes in and goes to the general fund but still creates additional room for us to make a new --
SEN. DEMINT: So your understanding of what we did is that the Treasury now has $700 billion that it can use permanently, rotating in and out of the capital markets as you see fit?
SEC. GEITHNER: Well, I'm not quite sure permanent, but you're right.
. . . SEN. DEMINT: Are you working on a plan to show us of how you are going to move out of all this market, the ownership of General Motors, the ownership of AIG, all the money in the private banking? I mean, you've got a plan?
SEC. GEITHNER: Senator, as I said to Ranking Member Shelby at the beginning, this is a very important issue to me. We think about this a lot and there will be a time when we will be able to come to you and say here's how the unwinding process will work. But it's too early to do that now.
Tags: bailouts, Jim DeMint, Secretary of Treasury, Timothy Geithner To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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