U.S. Treasury Claims Impact

Actions helped stabilize global system.

By: Larry Dunn U.S. Treasury Department's Neel Kashkari asserted that their actions have had an impact upon stabilizing the global financial system "in coordination with the Federal Reserve, the FDIC, OCC and colleagues around the world." Reporting before the Committee on Oversight and Government Reform, Kashkari claimed there were stronger markets now and though concern remained with securities and their backing assets, credit markets were mainly unfrozen. Fannie Mae and Freddie Mac have been stabilized. Economic growth depends on "prudent bank lending". Banking institutions should use government funds so consumers would have the needed access to credit and funding.