Hatch writes to Paulson about bailout money

Sen. Orrin Hatch, R-Utah, is warning the Bush and Obama administrations that before he will vote to release the remaining $350 billion approved to help ailing financial institutions, he wants to see exactly how the first half of such funds was used.

Hatch wrote Treasury Secretary Henry Paulson saying, "If these institutions do not disclose how the allocated funding will be used to restore liquidity in our economic system, I believe we are undermining the intent of this law and the trust of the American people and cannot support allocating the remaining $350 billion."

He is especially concerned about reports that some banks are refusing to account for what they have done with money they have received.

"Treasury has yet to explain to the American people how this money is being used by the participating institutions. I strongly believe that this was not the intent of Congress, nor do I believe that it was your intent when the legislation was developed," Hatch wrote Paulson.

— Lee Davidson