{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Geithner before lawmakers to give evidence on bailout' data-url='/boclips/videos/5c54c1c8d8eafeecae154c66' data-video-url='/boclips/videos/5c54c1c8d8eafeecae154c66' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGeithner before lawmakers to give evidence on bailout\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of US Senate Banking Committee hearing2. Close of US Treasury Secretary Timothy Geithner3. Mid of committee 4. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary:\"I'm not standing here before you today to ask you to...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of US Senate Banking Committee hearing\u003cbr/\u003e2. Close of US Treasury Secretary Timothy Geithner\u003cbr/\u003e3. Mid of committee \u003cbr/\u003e4. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"I'm not standing here before you today to ask you to authorise more resources.  I want to be candid, though, that I think this is going to be an expensive problem for the nation and it's going to require substantial resources.  But Congress has already authorised substantial resources and I think our first obligation is to move to use those resources as carefully and as effectively as possible.\"\u003cbr/\u003e5. Wide of committee\u003cbr/\u003e6. SOUNDBITE: (English) Jim Bunning, Senator, Kentucky:\u003cbr/\u003e\"What will you do if your stress test of major banks revealed some are insolvent?\"\u003cbr/\u003e7. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"Senator, as you can imagine this is a very sensitive subject and I would, it will be irresponsible for me today to stand before you and comment ever on the financial position of any individual institution in our system.\"\u003cbr/\u003e8. SOUNDBITE: (English) Jim Bunning, Senator, Kentucky:\u003cbr/\u003e\"Haven't you already done that by spending money on financial institutions and reinforcing them with TARP money and then reinforcing them again?\"\u003cbr/\u003e9. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"In a system this fragile, in an economy this fragile today, it's very important that we act effectively to help stabilise our system and to prevent the kind of broad based catastrophic damage we have seen when the market or the government is unwilling or unable to prevent that kind of failure.\"\u003cbr/\u003e10. Various of House Financial Services Committee hearing room\u003cbr/\u003e11. Wide of Federal Reserve Chairman Ben Bernanke testifying\u003cbr/\u003e12. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman: \u003cbr/\u003e\"The Federal Reserve is engaged in an ongoing assessment of the effectiveness of its credit related tools. Measuring the impact of our programmes is complicated by the fact that multiple factors affect market conditions. Nevertheless we have been encouraged by the response to these programmes, including the reports and evaluations offered by market participants and analysts. Notably, our lending to financial institutions, together with actions taken by other agencies, has helped to relax the severe liquidity strains experienced by many firms and has been associated with considerable improvements in inter-bank lending markets.\"\u003cbr/\u003e13. Mid of committee \u003cbr/\u003e14. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman:\u003cbr/\u003e\"All of these improvements have occurred over a period in which the economic news has generally been worse than expected and conditions in many financial markets, including the equity markets, have worsened.\"\u003cbr/\u003e15. Mid pan of committee \u003cbr/\u003e16. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman: \u003cbr/\u003e\"This has been an extraordinary episode, it's the most severe financial crisis since the 1930's, and in all honesty I have to tell you we can't expect immediate results, we have to be patient and keep working with it.\"\u003cbr/\u003e17. Wide of committee hearing room with Bernanke testifying\u003cbr/\u003eUS Treasury Secretary Timothy Geithner appeared before the Senate banking committee on Tuesday in order to explain the financial plans of President Barack Obama's administration.\u003cbr/\u003eWhat he said did little to calm jittery nerves on Wall Street however, as Geithner added few specifics to the plan than what he had delivered earlier in the day during prepared remarks at the US Treasury Department.\u003cbr/\u003eSpeaking at the Senate committee, Geithner said he had not gone to Capitol Hill with hat in hand asking for more money, but he didn't rule out a request at a future date.\u003cbr/\u003eSenator Jim Bunning of Kentucky asked Geithner to comment on insolvent banks that might need additional funding.\u003cbr/\u003eGeithner was reluctant to name names.\u003cbr/\u003eHe did say however that \"in a system this fragile, in an economy this fragile today, it's very important that we act effectively to help stabilise our system and to prevent the kind of broad based catastrophic damage we have seen when the market or the government is unwilling or unable to prevent that kind of failure.\" \u003cbr/\u003eEarlier in the day the Senate passed the Obama administration's stimulus package by a 61 to 37 vote.\u003cbr/\u003eThe plan now goes to a conference committee of House and Senate members for final agreement between the two chambers.\u003cbr/\u003ePresident Obama has said he wants the bill on his desk by the end of the week.\u003cbr/\u003eMeanwhile, Federal Reserve Chairman Ben Bernanke told Congress on Tuesday that a flurry of radical programmes aimed at busting through debilitating credit clogs were showing promise.\u003cbr/\u003eHe also pledged to keep Americans better informed about efforts to battle what is the worst financial crisis since the 1930s.\u003cbr/\u003eWhile acknowledging that measuring the impact of the Fed's programmes is complicated because many factors affect market conditions, Bernanke said the central bank was encouraged by feedback from Wall Street and others.\u003cbr/\u003e\"Our lending to financial institutions, together with action taken by other agencies, has helped to relax the severe liquidity strains experienced by many firms and has been associated with considerable improvements\" in bank-to-bank lending, Bernanke said in testimony to the House Financial Services Committee.\u003cbr/\u003eThe Fed chief appeared just hours after Treasury Secretary Timothy Geithner unveiled his multi-pronged attack to get credit flowing freely again and to restore stability to financial markets by using the second, 350 billion US dollar instalment of the 700 billion US dollar bailout fund.\u003cbr/\u003eBut investors appeared wary of the government's latest plans. 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