Congress to Investigate 9/11 Loan Abuses

Quicklink submitted by Amanda Lang     Permalink
Related Topic(s): , Add Tags

View Ratings | Rate It

opednews.com

Become a Fan
  (9 fans)


At news.yahoo.com

Congress will investigate the 'flagrant abuse' of a federal loan program designed to help businesses recover from the Sept. 11 attacks and make sure such problem don't occur with Hurricane Katrina relief, a key Senate Republican announced Friday. Sen. Olympia Snowe (news, bio, voting record), R-Maine, chairwoman of the Senate Small Business and Entrepreneurship Committee, announced the investigation in response to an Associated Press story Thursday that showed the federal program was so loosely managed that it gave low-interest loans to companies that didn't need terrorism relief or even know they were getting it. 'The apparent widespread abuse of loans provided through the Supplemental Terrorist Activity Relief Act is nothing short of an outrage,' Snowe said. The committee chairwoman said she would demand answers from both the banks that gave the loans and the Small Business Administration, which supervised the program. 'Congress must seek and find answers when confronted

Read the rest of the story HERE:

At news.yahoo.com


 

Comments

The time limit for entering new comments on this Quicklink has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments