September 24, 2008
Administration's $700-Billion Bank Bailout Could Aid Student Lenders
Washington
The Bush administration, in asking Congress for a $700-billion bailout of the banking industry, has proposed including authority to help struggling student-loan providers in ways that go beyond the financial-rescue provisions approved by Congress this year.
Treasury Secretary Henry M. Paulson Jr. confirmed at a Senate hearing on Tuesday that he wants the right to use taxpayer money to purchase the assets of student-loan companies as part of a package of “broad authorities”
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