Thank you Senator Corker!!
Obama's team lobbied senators hard for the funding. He and Vice President-elect Joe Biden, with economic adviser Lawrence Summers and incoming White House Chief of Staff Rahm Emanuel, have burned up the phones and the roads with calls and visits to members of Congress to ask for every possible vote.
A letter to congressional leadership also promised more stringent assurances of accountability and transparency in the use of taxpayer funds moving forward. The letter states that $50 billion to $100 billion will be committed to a sweeping effort aimed at stemming the tide of foreclosures, with a requirement that banks getting TARP funds must participate.
Sen. Jim Webb, D-Va., said Obama had called him and guaranteed him that oversight would be strong and executive compensation would be limited. Sen. Claire McCaskill, D-Mo., a staunch Obama ally, said the letter and a personal call from her friend helped.
She's giving the incoming administration "the benefit of the doubt," for now, because, "If they don't do what they say they are going to do, then they know that will be a boat load of political capital out the window."