Paulson, Bernanke Defend Financial Rescue Strategy
美财经官员在国会为救市措施辩护

　
In testimony to Congress, the U.S. treasury chief and central bank chairman have strongly defended their management of the $700 billion financial and credit market rescue program. The officials faced tough questions from lawmakers about how government money is being used.

美国财政部部长和美联储主席在国会作证时为他们对7000亿美元金融和信贷救市项目的管理工作进行积极辩护。议员们针对这笔政府资金的使用情况向这两位官员提出了尖锐的问题。

U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have faced criticism the original intent of the financial rescue program as approved by Congress in September has shifted.

美国财政部部长保尔森和美联储主席伯南克面对批评的声音，因为有人说国会9月份批准的金融救市项目的初衷已经被改变了。

Mr. Paulson revealed last week that billions of dollars approved by Congress is now going to prop up capital liquidity and lending capabilities of banks and other institutions, rather than to purchase troubled assets they hold.

伯南克上周透露，国会批准的这笔资金现在将被用来增加银行和其它机构的资本流动性和贷款能力，而不是用来购买这些机构手中的不良资产。

Under questioning before the House Financial Services Committee, Paulson said negative developments in U.S. and global market conditions since Congress approved the rescue program outstripped the effectiveness of initial $350 billion amount approved by Congress, forcing the change in direction.

保尔森在受到众议院金融服务委员会的质询时说，自从国会批准救市计划以来，首批拨出的3500亿美元资金已经不足以解决美国和全球市场形势进一步恶化所造成问题，这迫使政府改变救市资金的使用方法。

"It is clear that an effective mortgage asset purchase program would require a massive commitment of TARP [Troubled Asset Relief Program] funds," he said. "In September, before economic conditions worsened, $700 billion in troubled asset purchases would have had a significant impact. But half of that sum in a worse economy simply is not enough fire power."

他说：“显然，要想让按揭资产购买项目发挥作用，就必须向不良资产救助项目中投入大量资金。今年9月，在经济情况进一步恶化之前，把这7000亿美元用在不良资产救助项目上是可以发挥巨大作用的。不过，在经济进一步恶化后，只用3500亿美元救市可谓杯水车薪。”

Paulson said actions so far had strengthened the financial system, prevented further harm to the U.S. economy, and preserved for President-elect Barack Obama the flexibility he will need to deal with future challenges.

Committee chairman Democratic Representative Barney Frank said lawmakers are unhappy with how banks and institutions have used money from the government program, and their failure to significantly expand lending to home owners.

金融服务委员会主席、民主党众议员弗兰克说，银行和其它机构使用政府资金的方法，以及它们没有大幅增加对房屋所有人贷款规模的做法都令议员们感到不满。

"The fundamental policy issue is our disappointment that funds are not being used out of the $700 billion to supplement mortgage foreclosure reduction," he said.

他说：“七千亿美元救市计划中的资金没有被用来减少房屋抵押权被收回的现象。我们对此感到失望。这是最根本的政策问题。”

Lawmakers have pointed to media reports that banks have used money from the government assistance program to purchase other banks, and pay investor dividends and bonuses to executives.

议员们还指出，有媒体报导说，一些银行用政府救市项目中的资金来并购其它银行，或者用这些钱来给投资者分红、给银行高层发奖金。

Representatives of some major institutions told Congress last week that executive compensation will be sharply reduced in light of economic conditions, and defended their efforts to expand lending.

Ranking panel Republican Spencer Bachus said Paulson deserves credit for recognizing the need to shift strategy.

金融服务委员会首席共和党议员巴克斯说，保尔森意识到需要改变战略，这是值得称赞的。

"[If] conditions on the ground change, then you must be agile and adjust, and I hope we all understand that," he said.

他说：“如果具体情况变了，那么你就必须灵活地调整策略，我希望我们都能明白这一点。”

In their testimony, Bernanke and Federal Deposit Insurance Corporation Chairman Sheila Bair said while capital injections reduced pressure on and provided some stability to banks, credit conditions remain unsatisfactory.

美联储主席伯南克和联邦存款保险公司主席贝尔在作证时说，虽然资本注入减少了银行的压力，并给银行带来了一些稳定，但是信贷市场的环境仍然不容乐观。

"Overall credit conditions are still far from normal, with risk spreads remaining very elevated and banks reporting that they continued to tighten lending standards through October," Bernanke said.

伯南克说：“从总体上看，信贷环境还远没有恢复正常。信用风险差价依然过高，银行则说它们在10月份继续收紧信贷标准。”

"The financial system is now more stable and interest rate spreads have narrowed substantially, however credit remains tight and a serious threat to the economic outlook," said Bair.

贝尔说：“金融系统现在稳定一些了，利差已经大幅缩减，但是信贷依然紧张，这是对经济前景的一个严重威胁。”

Bair pointed to continuing increases in the number of U.S. home foreclosures, saying that government efforts are "falling behind the curve."

In his testimony, Treasury Secretary Paulson said the Bush administration remains opposed to using funds from the government rescue program to help the three major U.S. automakers avoid collapse.

财政部长保尔森在作证时说，布什政府依然反对使用政府救市项目中的资金来帮助美国三大汽车制造公司免于倒闭。

House and Senate lawmakers are considering a $25 billion plan to help auto manufacturers.

美国众议院和参议院的议员们正在考虑是否动用250亿美元帮助这些汽车制造公司。