Obama looks to spin off program from TARP

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The “new plan” to save small business and create jobs,

The proposal involves spinning off a new entity from the Troubled Assets Relief Program that could give banks access to the government money without restrictions, such as limits on executive pay, as long as they use it to make loans to small businesses. But officials are not yet certain whether carving the program out of the TARP would be the best way to lure banks to participate in small business lending, sources familiar with the matter said on condition of anonymity because the plans were not final.

As an alternative, officials are prepared to ask Congress to modify the TARP itself, easing the pay limits and other restrictions that would be imposed on small business lenders taking the money, the sources said.

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