A leading moderate Republican took Treasury Secretary Tim Geithner to task for the failure of the community bank lending fund and other initiatives to jumpstart the economy.
The fund was "not an effective use of taxpayers' money,'' Sen. Olympia Snowe of Washington, the top Republican on the Small Business Committee, said at a hearing Tuesday on the Obama administration's efforts to help small businesses.
She noted that although Congress had allocated $30 billion for the Small Business Lending Fund, the Treasury Department only received applications from 332 banks that sought about $10 billion worth of loans and approved loans totaling $4 billion.
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