Dodd Sets Conditions on Bailout

Senate Banking Committee Chairman Chris Dodd is setting out the conditions needed for Congress to approve spending the second $350 billion of a roughly $700 billion federal rescue plan.

Dodd says that in order to win authorization for such additional spending, the government will have to do a much better job of accounting to the taxpayers for where already spent has gone.

Dodd said he was encouraged by assurances he heard about help for people facing home foreclosure during a meeting with former Treasury Secretary Larry Summers, a key Obama economic adviser.

In a television interview Monday morning, Dodd said he feels today about prospects for approval.

Copyright AP - Associated Press
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