- The Washington Times - Monday, March 16, 2009

Key economic developments announced Monday by President Barack Obama:

_Treasury Secretary Tim Geithner will pursue every legal avenue to block the $165 million in bonuses to executives at American International Group, which has received more than $170 billion in federal bailout funds.

_The Small Business Administration will purchase up to $15 billion in small business loans made by community banks, using bank bailout money from Congress. The purchases enable banks to provide new credit to small businesses, which are responsible for 70 percent of job creation.

_The nation’s 21 largest banks receiving government bailout money will be required to provide monthly reports on how much lending they do to small businesses.

_The government guarantee of Small Business Administration loans will be increased to 90 percent, on a temporary basis. Currently the government insures SBA loans for 75 percent or 85 percent of their total value, depending on the size of the loan.

_ Fees on SBA loans will be eliminated temporarily.



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