WASHINGTON — Responding to frustrated lawmakers who have yet to see the Obama administration give out any funds from its $30 billion small business lending program, Treasury Secretary Timothy Geithner said Wednesday the fault lay with the banking regulators.
Appearing before the House Small Business Committee, Geithner acknowledged that Treasury was "surprised" and "disappointed" that the Small Business Lending Fund was taking longer to implement than originally expected. But he said banking regulators had to ensure the banks that received the funds were healthy, a requirement that Congress made when it passed the law nine months ago.
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