Senator files measure to block final TARP funds
WASHINGTON (Reuters) - Republican Senator David Vitter, a Louisiana Republican, on Tuesday introduced a measure to disapprove the release of the second half of the $700 billion financial bailout package, his aide said on Tuesday.
President-elect Barack Obama said he would ask President George W. Bush to make the request for release of the $350 billion on his behalf so that when he takes office next week he has the funds ready to deal with a fragile financial system.
Rep. Virginia Foxx, a North Carolina Republican, filed a motion of disapproval last week, shortly after the new Congress convened.
The massive rescue program was approved last October to bolster the financial industry as it reeled under the stress of bad mortgage debts and several major institutions were threatened with collapse.
(Reporting by John Poirier, additional reporting by Thomas Ferraro, editing by Gerald E. McCormick)
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