U.S. prepared to lend trillions to save financial system

Although Congress approved $700 billion to help the financial system, all told, the U.S. government pledged more than $7.4 trillion in taxpayer funds. As regulators commit more money without disclosing collateral received or who is getting the loans, some lawmakers are calling for the Federal Reserve to be reined in. "Whether it's lending or spending, it's tax dollars that are going out the window, and we end up holding collateral we don't know anything about," said Rep. Scott Garrett, R-N.J. "The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones."

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