U.S. Treasury Secretary Tim Geithner Tuesday announced several key reforms to crack down on lobbyist influence over the 700 billion U.S. dollar financial bailout package.

New York Federal Reserve Bank President Timothy Geithner, U.S. President Barack Obama’s nominee for Treasury Secretary, testifies at his confirmation hearing before the Senate Finance Committee on Capitol Hill in Washington, in this January 21, 2009 file photo.

“American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system. Today’s actions reaffirm our commitment toward that goal,” said Geithner in a statement.

According to the new rules, the Treasury Department will implement safeguards to prevent lobbyist influence over the program, including restricting contacts with lobbyists in connection with applications for, or disbursements of the bailout funds.

Moreover, the department will ensure that political influence does not interfere with bailout funds decision making, using as a model for these protections the limits on political influence overtax matters.

And in reporting to Congress, the Office of Financial Stability (OFS) will certify that each investment decision is based only on investment criteria and the facts of the case.

VietNamNet/Xinhuanet