WASHINGTON — Sen. Bob Corker, R-Tenn., a member of the Senate Banking Committee, called the announcement today of a revamped Wall Street rescue plan “vague” and insufficient to fully deal with the financial industry’s woes.
“What was announced today was more platitudes,” Sen. Corker said. “It’s evident to me that there’s still dissension within the White House as to what to do. I think that roiled the markets today. I think people are looking for clarity.”
Sen. Corker said the Obama administration should have waited until it had a concrete strategy before making an announcement.
Announced by Treasury Secretary Timothy Geithner, The rescue plan will establish a bank in which the government would partner with private firms to aid banks.
Sen. Corker made his comments before a Banking Committee hearing this afternoon, in which Mr. Geithner will testify.
The Dow Jones Industrial Average was down about 4.4 percent in mid-afternoon trading.
For complete details, see tomorrow’s Times Free Press.
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