Share This story: A Senate committee has approved $300 billion in loans to finance the financial rescue of the financial sector from the Trump administration, the latest step in President Donald Trump’s effort to overhaul Wall Street.
The Senate Banking Committee, which has jurisdiction over the Troubled Asset Relief Program, also approved the President’s request to Congress for $100 billion to provide $150 billion in emergency loans to banks.
The White House has been pressing Congress to approve more assistance, which is critical to the country’s financial health.
The House of Representatives approved $400 billion in new funding for the financial aid program.
This is a bipartisan effort to support the American people during this critical time, said Sen. Ben Cardin, the top Democrat on the committee.
The committee approved the president’s request Thursday night, saying that Congress had not provided adequate relief and that the bank bailout was a critical step in the recovery.
The panel voted 6-3, with two Democrats voting against the plan.
The vote marks a big victory for Republicans who control the House of Representative and the Senate, who voted in favor of the bailout.
It was a bipartisan move, with both Democratic and Republican members of Congress voting in favor.
The bill also includes $400 million to fund an expansion of the Consumer Financial Protection Bureau, which was created under the Dodd-Frank Act.
The CFPB is meant to protect consumers and ensure they can access the financial services they need, while also preventing predatory lending.
The White House also proposed to spend $1.6 billion to hire hundreds of thousands of workers to help make the $300-billion loan program more efficient.
The program is intended to help the banks hire and fire workers faster, so the government can focus on the real issues of the economy and jobs.
The president also requested $100 million in loans for the banks that are under scrutiny by regulators for their poor safety and compliance.
That’s $10 billion less than the $100-billion requested.
The Treasury Department and the Federal Deposit Insurance Corp. have been scrutinizing the $3 trillion bailout program since the day it was approved in September.
The administration has not disclosed how much the loans are worth.
In its proposal to Congress, the Trump White House proposed $1 trillion in new money to help with the bank rescue.
It also proposed $300.5 billion in additional emergency loans for banks and credit unions, including $300 for small businesses and $150 for homeowners.