Treasury Sec Announces FinancialStability.gov
BY Nancy Scola | Tuesday, February 10 2009
In his press conference this morning, Treasury Secretary Tim Geithner announced the creation of a new website to track the evolution of the new "Financial Stability Plan." Geithner:
Our work begins with a new framework of oversight and governance of all aspects of our Financial Stability Plan.
The American people will be able to see where their tax dollars are going and the return on their government’s investment, they will be able to see whether the conditions placed on banks and institutions are being met and enforced, they will be able to see whether boards of directors are being responsible with taxpayer dollars and how they’re compensating their executives, and they will be able to see how these actions are impacting the overall flow of lending and the cost of borrowing.
These new requirements, which will be available on a new website FinancialStability.gov, will give the American people the transparency they deserve.
These steps build on what we’ve done already. We’ve acted to ensure the integrity of the process that provides access to government support, so that it is independent of influence from lobbyists and politics. We’ve committed to provide the American people with information on how their money is spent and under what conditions by posting contracts on the Internet. And, importantly, we have outlined strong conditions on executive compensation.
There's not much yet happening on the just-announced site -- though with some press resources and video clips, it's farther along than Recovery.gov.