Bernanke has some new ideas...

So, have you ever considered the possibility that Bernanke didn't have more bright ideas for our future? Read the article just below and discover how you were mistaken...

NEW YORK (CNNMoney.com) -- Federal Reserve chairman Ben Bernanke said Friday that the turmoil in the financial system is "abating," but urged lawmakers to enact comprehensive reforms to help prevent future crises.

Bernanke said legislative action is needed to ensure that banks have sufficient capital reserves, and to limit the risks that financial institutions can take.

The Fed chief also called on Congress to create new mechanisms to deal with the systemic risks posed by financial institutions deemed "too big to fail."

Bernanke was speaking in Chatham, Mass., at a conference sponsored by the Federal Reserve Bank of Boston, which was entitled "After the Fall -- Re-evaluating Supervisory, Regulatory, and Monetary Policy."

"All financial regulators, including of course the Federal Reserve, must take a hard look at the experience of the past two years, correct identified shortcomings, and improve future performance," Bernanke said.

While policy makers have made progress toward securing a sustained economic recovery, Bernanke said additional regulatory steps need to be taken to ensure a sound economic future.

"Regulators and supervisors can do a great deal, but comprehensive financial reform requires action by the Congress," he said.

The remarks came one day after the Federal Reserve proposed a review of pay practices at 28 of the nation's largest banks to make sure employees are not tempted to make the kinds of risky bets that helped sink firms such as Lehman Brothers.

"Compensation, not only at the top but throughout a banking organization, should appropriately link pay to performance and provide sound incentives," Bernanke said.

Bernanke also said more should be done to help protect consumers from "unfair and deceptive practices." He said the Fed has written rules providing "strong substantive protections" for mortgage borrowers and credit card users.

"We have seen that flawed financial instruments can both harm families and impair financial stability," the official said.

Building on the success of this year's bank stress tests, Bernanke said the central bank will conduct "more frequent, broader, and more comprehensive" examinations of the U.S. financial system.

Bernanke said a new "resolution regime" is necessary to wind down non-bank financial firms, such as insurance companies, that could destabilize the financial system and the economy. Any costs resulting from such a resolution should be paid by the financial industry and not the taxpayers, he added.

Buying used cars

Now that the economy is showing some signs of recovery it may be a great time for us to buy used cars from certified dealers, meaning that we will always be covered against any unpleasant situation. In fact, we must always protect our future by only dealing with the most experienced companies in this area.

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Insurance companies are not doing everything they should

Would you say that your health is fully protected by the insurance companies? Read the article below and discover if that is true or not...

NEW YORK (CNNMoney.com) -- The quality of health care for millions of Americans insured through commercial or public plans has stopped improving for the first time in more than a decade, according to an industry accreditation group's report issued Thursday.

The across-the-board trend in care quality provided to people with private coverage as well as in Medicare and Medicaid was virtually stagnant in 2008, according to the 13th annual "State of Health Care Quality" report from the National Committee for Quality Assurance (NCQA).

The NCQA is an independent non-profit association that accredits and certifies health care organizations and physicians on patient experience and delivery of clinical care.

"This breaks a 12-year run of significant progress," Margaret O'Kane, NCQA's president, wrote in the report. "While it could be a one-year blip, I fear it may be the beginning of a troubling trend."

"Commercial health plans, with a significant push from large employers, have achieved some remarkable results year after year," she said. "But [in 2008], that progress has halted."

Also troubling, the report noted, was the third consecutive year of "meager progress" in quality for Medicare and Medicaid beneficiaries served by health plans.

Overall, the report found that the quality of care for many health conditions -- including mental health and diabetes care -- declined, and that overuse of imaging for lower back pain and breast cancer screening grew.

The report also showed that only 34.1% of children prescribed medication to treat attention deficit hyperactivity disorder (ADHD) are seeing a doctor for follow-up care.

Failing to improve

Richard Sorian, vice president of public policy with NCQA, said two key factors -- the economy and health care's pay-for-service model -- have hurt the performance of health plans.

"In many cases employers and health plans have taken their eye off quality to focus on cost-cutting," Sorian said. And with health care's pay-for-service model, Sorian said there's no incentive to improve the quality of care.

NCQA assesses quality in terms of whether an insured patient is getting the right care at the right time.

"For example, we look at child vaccination rates before the age of two," explained Sorian. "Of those kids covered by a health plan, what percentage got these vaccinations. It's a clear black-and-white measure."

The report examined the performance of 979 managed care plans that voluntarily submitted information on quality of care, access to care and member satisfaction. In total, these plans cover about 116 million Americans.

"No segment of health care is more committed to advancing quality than insurers," said Susan Pisano, a spokeswoman for America's Health Insurance Plans, a group representing the industry.

"The fact that 979 plans covering 116 million people publicly reported their scores and have been doing so over the past 10 years, with significant year-over-year improvement [in the scores] is proof," said Pisano.

But she added that other players in the health care system, primarily providers, should also report their quality scores publicly and be held accountable. "Without accountability from all, there's a limit on what can be achieved in terms of quality improvement," she said. "It should not be health plans alone that are driving the quality agenda."

Insurers did log some improvements, including "near universal high-quality care" for Americans with asthma and a 12 percentage-point increase in the number of Medicare beneficiaries who persistently received essential medication for six months after a heart attack.

Sorian worries that by insurers failing to improves their quality grades, it means that consumers are not getting care at the right time.

"The consequence of this is that their health suffers," he said. "Consumers need to be more demanding of the system."

But falling grades also hold serious consequences for health plans, he said. "Many insurers have large corporations such as Fortune 500 companies as their clients," he said. "Companies build performance measures into their contracts with insurers."

So if an insurer's quality grades are falling, Sorian said clients can withhold part of the premiums they pay to insurers or take their business elsewhere.

"Failing to improve their [quality] grades is a very serious issue for everyone," said Sorian.

Customizing our motorcycles

Even considering the fact that our motorcycles may seem perfect when we buy the new, the truth is that all of them deserve to be customized so that they can also reflect our personality when we are riding them.

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GM trying to avoid bankruptcy

Are you planning to buy a new car from one of the GM companies? I would think twice before buying one if I were you...

NEW YORK (CNNMoney.com) -- It's coming down to the wire for General Motors.

With GM rapidly burning through its cash reserves due to hefty losses amid an historic slump in auto sales, President Obama said the Treasury Department would give the automaker the cash it needs to continue operations on the condition that GM restructure its debt or file for bankruptcy by June 1.

The automaker set a May 26 deadline for its bondholders to reach a restructuring agreement. As Tuesday steadily approaches, GM chief executive officer Fritz Henderson has repeatedly said that the difficulty in inking a deal makes a bankruptcy filing for the automaker "probable."

A spokeswoman for GM said Friday the company continues to plan for a bankruptcy, which is the likely next step if no agreement is reached.

Finding the perfect dentist for you

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Could the unemployment rates be recovering?

When considering what you see around you, do you honestly think that unemployment rates could really be lower at this moment?

NEW YORK (CNNMoney.com) -- The employment situation in the states showed signs of stabilizing last month.

The unemployment rate declined in 21 states in April, compared with the month before, while 11 states had no rate change, according to federal data released Friday.

The work situation, however, deteriorated in 18 states and Washington, D.C., last month, according to the Bureau of Labor Statistics.

A month earlier, unemployment rates rose in 46 states.

In April, Michigan once again led the nation with a jobless rate of 12.9%, up from 12.6% in March. Oregon, South Carolina, Rhode Island, California, North Carolina, Nevada and Ohio all had rates exceeding 10%.

Nationally, the unemployment rate rose to 8.9% in April, up from 8.5% a month earlier.

Missouri saw the biggest drop in unemployment, falling 0.6% to an 8.1% rate in April. Alaska followed with a 0.4% decline to 8%.

Some states, however, suffered rising rates. West Virginia fared the largest jump in joblessness, with its rate climbing 0.7% to 7.5% in April. Rhode Island and Ohio followed with 0.5% increases to 11.1% and 10.2% respectively.
State budget woes

States and their budgets have been hammered by rising unemployment rates. Income and sales tax revenues decline as people lose their jobs and rein in their spending.

Many state leaders are scrambling now to close last-minute budget gaps that opened when April tax revenues came in below estimates. The fiscal year in 46 states ends on June 30, and unlike the federal government, states cannot run deficits.

State and local officials are also working to deploy federal stimulus dollars that are starting to flow to them. The White House estimates that the funds have created or saved 150,000 jobs and will create or save another 600,000 by August.

The importance of a reliable auto body network

As you know, when we think about the most crucial components of our lives, we often think about family but also our own work because it is what makes us able to continue to live!

Keeping this in mind and knowing that most people drive their own cars to go to work, I would like to personally recommend everyone to have a look at this auto body corona network that protects the value of our vehicles, making sure that we are always able to go to work on time! Moreover, it is the USA’s premier auto body website giving you an idea of how incredibly reliable and important it is.

Obama's mortgage rescue plan

NEW YORK (CNNMoney.com) -- Loan servicers are overwhelmed by the flood of applications. Mortgage investors are angry about a congressional bill prohibiting them from suing servicers that modify loans. Foreclosures are rising as unemployment soars.

Nearly three months after President Obama first announced his $75 billion mortgage rescue effort, his administration is still refining the program in hopes of reaching its goal to save 9 million homeowners from foreclosure.

So far, more than 55,000 borrowers have been put into trial modifications, which become permanent if they keep up with payments for three months. Hundreds of thousands more have applied.

However, the initiative must still get over several hurdles before its chances for success can be determined.

Finding the best radiators while also saving money

While the economy is still far from showing signs of recovery, the truth is that the US citizens must do everything possible in order to save money on the daily life routine. In fact, if you start to pay more attention to the stores on the streets, you can easily find many bargains that you used to ignore in the past.

Personally, I believe that there are also many online stores that can really make the difference with their amazing prices such as the one from where I bought my new Honda Radiator as my old one started to malfunctioning and showing signs of age.

So, would you also like to buy some new Honda radiators or any other radiators? If that’s the case, then you definitely need to have a look at the website above and save a lot of money when comparing the prices in those you are able to find on the stores next to you.

Obama is pushing credit card crackdown

WASHINGTON (Reuters) -- Saying credit card industry abuses had worsened in the current recession, President Barack Obama urged Congress Saturday to approve new regulations to halt sudden rate hikes, unfair penalties and hidden fees.

"Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off," Obama said in his weekly radio address.

"Abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden," he said, calling on Congress to send him a bill he could sign by the Memorial Day holiday on May 25.

The perfect advertising technique

Just as you know, when you decide to run your own business it is extremely important that you pay some attention to the marketing strategies that you will be considering. Personally, I believe that the old technique of the printed T-shirts with some ads related to our business are still the best way of promoting any business! So, why don’t you have a look at this T-shirts printing website and see what you can do with the latest technologies?

Consumers gaining extra confidence

Consumer spending rose more than expected in January, after declining for six consecutive months, according to government figures released Monday.

The Commerce Department report showed spending by individuals rose 0.6% last month, after dropping 1% in December. Economists surveyed by Briefing.com had forecast an increase of 0.4%.

January's increase comes after several months of declines in consumer spending as rising unemployment has undermined house hold purchasing power.

Despite last month's rebound, many economists expect consumer spending to remain weak given the outlook for continued economic deterioration.

"The trend in real consumption, however, remains downwards, and the further decline in consumers' sentiment signals continued declines," wrote Ian Shepherdson, an economist at High Frequency Economics, in a research note.

The report also showed that personal income rose 0.4% in January, following a decline of 0.2% in the previous month. Economists had forecast another 0.2% decline.

The personal income figure was boosted by pay raises for federal civilian and military employees, as well as cost of living increases for certain federal programs, according to the report. Excluding these factors, incomes rose 0.2% in January.

Despite the increase in spending, personal savings rose $128.7 billion to $545.5 billion in January. The personal savings rate, expressed as a percentage of disposable personal income, rose to 5% in January, compared with 3.9% in December.

Last month, the government reported that consumer spending rose an anemic 3.6% in 2008, the smallest full-year increase in 47 years.

Managing our properties

As you know, properties tend to play a very important role in the economy of any country. As a matter of fact, if we could find a way of managing our properties and those ones that we are “stuck” with, then we could easily find our own way out of the current financial downturn.

Keeping this in mind, if you are stuck with any property and if you would really like to solve that situation then you should definitely have a look at this Property Management Ohio company which was awarded the "2008 Franchise of the year honorable mention", showing you how incredibly efficient their services are! So, why don’t you take a look at the website to which I have just linked above?

It's like winning the lottery, then being told you have just a week to spend it. And, oh yeah, don't waste any of it.

Under the nearly $800 billion stimulus package signed last week, some federal programs are set for an unparalleled increase in funding.

The example people usually cite first is the Energy Department's Home Weatherization Program, which is expecting a tenfold increase to its budget - with the stimulus package dumping $5 billion on a program that's currently running on $500 million a year.

But the weatherization program is hardly the only example. From the National Park Service to the Health Department to the Army Corps of Engineers, several agencies are getting a huge infusion of cash and a mandate to spend it quickly.

And that's got a lot of people nervous.

"'The federal, state and local bureaucracy just doesn't have the capacity to handle that decision making," said Rudy Penner, a senior fellow with the Urban Institute and a former director of the Congressional Budget Office. "There's going to be a lot of waste."

The Obama administration - which is responsible for managing the stimulus money - seems to understand the potential for waste.

They are promising an unprecedented level of transparency in doling out the money, and have created a board to oversee the process and a novel Web site - www.recovery.gov - that's supposed to allow citizens to track every dollar.

But experts say many of the federal agencies simply don't have the manpower or procurement procedures in place to oversee a such huge amount of money.

It's a shortcoming the Obama team itself acknowledges.

Pre-Sept. 11, 2001, the government awarded about $200 million worth of contracts a year, Earl Devaney, head of the Recovery Act Transparency and Accountability Board, said at a press conference earlier this week.

Now the government doles out more than $500 billion a year, but the number of procurement staff has stayed the same, said Devaney.

"That will be a major challenge for all of the (cabinet) secretaries to address," he said, "to make sure that the staff is available to make this happen quickly and to monitor it once it goes out."

Playing an important role in your company

As you know, software and computing really play a very important role on our companies these days and that’s exactly why we should always have the best professionals on these areas to help us out, finding a competitive solution for any problem we may have related to software.

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The number of jobless claims spike to 26-year high

Do you still have your own job? If you do, you would better keep it at the moment!

The number of Americans filing initial claims for unemployment insurance spiked, and those living on unemployment benefits hit a record high, according to a government report released Thursday.

For the week ended Feb. 21, 667,000 Americans filed initial jobless claims, up 36,000 from a revised 631,000 the previous week. That's the highest figure since October 1982.

Economists polled by Briefing.com were expecting claims to drop to 625,000.

In a sign that more jobless Americans are having trouble finding work, 5,112,000 lived off unemployment in the week ended Feb. 14, the most recent data available.

The Labor Department has been keeping records since 1967.

Buying some new work boots

Even though our economy is not doing very well at the moment, the truth is that we should continue to do our best in our work but also when we are at home and trying to make sure that all our infrastructures are clean and successfully repaired when it is required…

Keeping this in mind, I have recently bought my new work Boot which I believe that will definitely make the difference when it comes the time to increase the security of my work, which is really dangerous if you think about all what it requires me to do! In my office I tend to deal with all kinds of hood and other materials that need to be given a new shape and that can show you how important getting some great work boots can be!

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Oil dips below the new record: 33 dollars a barrel!

Did you honestly believe that oil prices would now continue on rising? Well, that doesn't seem to be happening and everyone is still wondering why...

Oil fell more than 10%, dipping below $33 a barrel on Tuesday after Russia and Ukraine agreed a gas deal that would help secure Europe's supply, while gloomy economic news presaged weaker demand for oil products.

Russia and Ukraine are both ready to fully resume transit of Russian gas to Europe, they said. This meant that there would no longer be an increased need for oil products to replace gas.

At 6:15 a.m. ET, U.S. light crude for February delivery was $2.78 lower at $33.73 a barrel, having previously hit a new 2009 low of $32.70. There was no official settlement on Monday due to a U.S. holiday.

The March contract, which takes over as front month on Wednesday, was down $2.74 to $39.83, and was more than $6.00 a barrel above the February contract due to brimming crude stocks at Cushing, Oklahoma, the delivery point for NYMEX contracts.

"The weak (U.S.) contract is due in part to the Russian gas deal and the effect the gloomy economic picture has on demand. Weak sterling is also having an impact," said Christopher Bellew of Bache Financial.

Economic uncertainty deepened after the Royal Bank of Scotland posted the biggest loss in the UK's corporate history, with stock markets in Asia following European counterparts lower and Japan's Nikkei index closing down 2.31%.

Oil prices were also put under pressure by foreign exchange factors on Tuesday as the pound plunged to a seven-year low against the dollar on banking sector woes.

The United States was closed on Monday for the Martin Luther King holiday, and trade was thin, especially on the front-month February contract.

How important is boat storage for you?

Even though most people may claim that it is easy to travel around the world while taking the chance to visit some beaches in our boats, the truth is that it can be really difficult to get Boat Storage in some states… So, why don’t you have a look at the link above and take advantage of the good database available there?

Banks will face a different reallity...

Do you expect economy to recover fast? Well, read the recent press release below and make up your mind:

The two bills, which make up the American Recovery and Reinvestment bill, will be reviewed and amended starting next week as they work their way through the House and Senate.

"The critical state of our economy calls for swift, comprehensive action and this package will provide relief to all communities and all sectors of the American economy," said Ways and Means Chairman Charles Rangel, D-N.Y.

Roughly $145 billion of the tax bill would be allocated for a tax cut for low- and middle-income workers.

The Make Work Pay Credit, which was a centerpiece of President-elect Barack Obama's campaign, would be worth $500 a year for individuals and $1,000 for couples.

The full credit would be available for 2009 and 2010 but is limited to those making $75,000 or less ($150,000 or less for workers filing joint returns).

The credit could be paid to workers in one of two ways: through their paychecks or through their federal tax return.

The Make Work Pay Credit also would be refundable, meaning that even tax filers without any tax liability -- typically very low-income workers -- would receive one.

Other breaks in the bill that would benefit individuals are an expansion of the Earned Income Tax Credit, which is a refundable credit for low-income workers, and an increase in the refundable portion of the child tax credit.

The bill would also remove the requirement that first-time home buyers repay a new credit worth up to $7,500 that they may claim on their federal tax return for buying a home between Jan. 2, 2009, and July 1, 2009.

Sharing opinions with others

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Some updates on the current bank status

Just as you know, the government has been supporting banks over the past few weeks, still this tendence is about to change...


It's back to square one.

The deepening financial crisis, which is undermining the government's rescue efforts so far, is prompting federal officials to revisit its original bailout measures. These include taking toxic assets off institutions' balance sheets by moving them into a so-called "bad bank", according to published reports.

As long as these assets remain on banks' books, there's no telling how long their losses will continue and how deep they will be.

Addressing these assets was the original purpose of the Troubled Asset Relief Program, the formal name of the $700 billion bailout plan the Bush administration unveiled as the credit crunch spun out of control. It was later abandoned in favor of taking equity stakes in banks, which was seen as a more direct and rapid way to help.

But as the economy worsens and banks continue to rack up multi-billion dollar losses, the incoming Obama administration will face tough choices in deciding what to do with the $350 billion remaining in the bailout plan. There are many who want a piece of the pie, and there may not be enough money to go around.

Starting a new business

Just as you know, our economy is not doing as well as it used to do in the past few years. In fact, the current financial trends reveal that there won’t be any turning points any soon and unemployment will continue to rise!

Keeping this in mind, you will probably be willing to take the challenge of starting your own business and that’s exactly where a Free copy of Retailers Forum Magazine will come to the scene as the ultimate way of matching your past work experience with reselling opportunities that will be listed on the magazine. So, why don’t you get your own free copy and take the adventure of starting a new business?

Dollar is falling once again...

Did you expect to continue to see dollar rising against other currencies? That won't happen until the government decides to help banks once again, a recent study revealed...

The U.S. dollar fell against the euro and the pound Friday as the government stepped up its efforts to aid troubled banks and boost the ailing economy.

The euro rose 1.4% to $1.3294 from $1.3154 late Thursday in New York, while Britain's pound bought $1.4742, up from $1.4663.

Against the yen, the dollar declined 1% to ¥90.57. But the Japanese currency fell more than 2.2% against the euro to trade at ¥120.47.

"Government backstops, stimulus packages and presidential inauguration optimism is helping offset the gloom emerging from the raw data," said Ashraf Laidi,chief market strategist at CMC Markets, in a research note.

Many investors view the dollar as a safe alternative to more economically sensitive assets such as stocks or high yielding currencies. As a result, the greenback often falls when investors are more optimistic about the economy and therefore more willing to take risks.

The traditionally high-yielding euro and pound had been under pressure in previous sessions as turmoil in the banking sector undermined investors' appetite for risk. But the sentiment changed Friday as the government expanded its efforts to aid struggling banks.

"Risk appetite remains propped by another U.S. government back stop to a U.S. bank, this time to Bank of America's efforts in absorbing Merrill Lynch," Laidi said.

Buying the best paintball gear

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Industrial production is still down...

Did you expect a rise in industrial production for December? Well, I am sorry to inform you that didn't seem to happen and so unemployment will probably continue on rising for the next few months... What can we do about this?

U.S. industrial production dropped by a bigger-than-expected 2% in December, Federal Reserve data showed Friday, capping a dismal year for manufacturing as the recession took hold.

Economists polled by Reuters had expected a 1% decline in December after a revised 1.3% drop in November, initially reported as a 0.6% dip.

For the fourth quarter as a whole, total industrial production fell at an 11.5% annual rate.

Compared with December 2007, industrial production was down 7.8%, the biggest drop since September 1975.

The Federal Reserve said output declines were "widespread." Among major market groups, only business equipment increased in December, and that was largely because of a surge in commercial aircraft production following a labor strike.

Capacity utilization fell to 73.6% , which was 7.4 percentage points below its average level from 1972 to 2007.

Reinventing conferences

Have you ever been to any important conference before? Most people claim that they tend to be boring but there is still a nice possibility in Reinventing America and the general concept of these conferences. Why don’t you have a look by yourself at the website above and witness that?

Consumers getting more confident

Recent news all around the newspapers are letting us know that consumers are more confident now than what they were in December, but why is that? I tend to believe that there won't be any turning point until late in this year...

U.S. consumer confidence rose slightly in January but remained at comparatively depressed levels, with continued expectations of a deep and long recession, a survey showed Friday.

The Reuters/University of Michigan Surveys of Consumers said its preliminary index reading of confidence for January rose to 61.9 from December's 60.1.

The index was above economists' expectations of 59.0, according to the median of forecasts in a Reuters poll. The early January reading was the highest since 70.3 in September.

However, "consumer confidence continued to hover near its half-century low, showing no signs of significant change during the past six months," the report said.

"Consumers cited even more negative income prospects as well as anticipated further declines in the value of their homes and pension accounts," according to the report.

One-year inflation expectations rose in January to 2% from 1.7% in December. Despite the slight rise, the January one-year inflation expectation remained "well below any other reading in the past quarter century except for immediately following (Sept. 11, 2001)," the report said.

The index of current conditions eased slightly to 69.2 in January from 69.5 in December, while the index of consumer expectations rose to 57.2 from 54.0.

Finding the best auto body shops

Just as you know, cars really play a very important role in our lives and most of us couldn’t imagine life without cars, right? Anyway, driving a car is also a big responsibility and we should really watch out for all the dangers on the streets!

Still, sometimes we end up find ourselves in the middle of a traffic jam, where some car collisions tend to spice up our day and take a lot of money from our wallets. Moreover, if we don’t call the best specialists and contract the best services, we even end up with a bad repair on our car.

Personally, I have always trusted collisionrepairexperts.com as my ultimate source to find the best bodyshop service available on the market and for the best price ever! Furthermore, I am given written lifetime warranty and given the chance to participate in the annual audit, making sure that I feel like a very special client! So, if you would also like to get auto body repair services from 10 year experienced and Dun & Bradstreet verified professionals, then you definitely need to have a look at the website above where you will be given the opportunity to search for auto body shops near you by inserting your city or zip code. Could it be easier than this?

The senate failed and Obama gets 350 billion dollars

Do you really believe that the current financial crisis will be solved soon? Well, just think twice and read the recent press relese below to witness what the future will bring to us!

President-elect Barack Obama secured access to the second half of the $700 billion financial rescue package Thursday, after the Senate voted 52-42 to kill a measure that would have blocked the funds' release.

It is unlikely that Obama's request for the money will face any additional roadblocks, since the law says both houses of Congress must pass disapproval measures to stop the bailout funds from being released.

"I'm gratified that a majority of the U.S. Senate, both Democrats and Republicans, voted today to give me the authority to implement the rest of the financial rescue plan in a new and responsible way," Obama said in a statement. "My pledge is to change the way this plan is implemented and keep faith with the American tax payer."

President Bush, acting on behalf of Obama, had sent Congress a formal request on Monday to release the second $350 billion of the Troubled Asset Relief Program funds to the Treasury Department.

Under the bailout legislation approved by Congress in October, unless Congress passes a joint resolution rejecting the request within 15 days, Treasury can begin tapping the funds. Obama had vowed to veto any resolution denying him the funds.

The campaign to block the funds was spearheaded by a group of Republican senators, led by Sen. David Vitter of Louisiana, who introduced the resolution on Tuesday.

On Thursday, top Obama economic adviser Larry Summers made the case for the funds in a letter to congressional leaders. Summers offered reassurances that the incoming administration will be responsible with its spending of TARP funds and pledged to commit $50 billion to $100 billion to address foreclosures.

Several key Democrats who had earlier stated their displeasure with the handling of the first $350 billion changed their tune.

"President-elect Obama has made clear he understands the mistakes of the previous administration, and he will try to correct them," said Senate Majority Leader Harry Reid, D-Nev. "Inaction now would punish the American public that is already suffering."

Still, many Republicans argued that the first $350 billion was largely wasted, and no clear measures have suggested the funding has worked.

"There's been mistake after mistake, embarrassment after embarrassment, and a complete lack of accountability in the TARP program," said Vitter. "The American people are not going to be fooled twice ... I urge all of my colleagues not to be fooled again, to say no to an open checkbook."

Nine Democrats voted to block more TARP rescue money, but six Republicans broke with the majority of their party and voted to release the funds.

House Speaker Nancy Pelosi, D-Calif., said Thursday that the House will vote next week on a TARP reform bill put forth by Rep. Barney Frank, D-Mass., House Financial Services Committee chairman. Frank authored a bill that sets conditions for the use of the funds, including foreclosure mitigation and improved oversight. Obama has said is in favor of Frank's bill.