A decent start but hard part will be to implement this and make it work. Between Congress and Paulson, banks have been given a free pass on doing whatever they like for decades, including during the bailout that saved the banks from total failure. This is a case where it makes sense to throw out both the baby and the bathwater. They're all rotten.
The new Treasury secretary, Timothy F. Geithner, announced on Tuesday that he would crack down on lobbying to influence the $700 billion financial bailout program by companies that are receiving billions in taxpayer money.
Mr. Geithner, who was confirmed on Monday, also said he would set new limits intended to prevent political interference with decisions about which companies received bailout money.
Among other steps, the Treasury department said it would make public a log of all contacts by public officials and bank officials regarding specific financial institutions.
The log will be posted on the department’s Web site and updated weekly, it said.
