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Geithner had the authority to decide what to do with the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008. He was not mandated to seek Congressional approval, but went to Congress on February 10–11, 2009 to explain his plans. Under the Financial Stability Plan, he proposed to create a new investment fund to provide a market for the legacy loans and securities—the so-called “toxic assets”—burdening the financial system, using a mix of taxpayer and private money.[43] He also proposed to expand a lending program that would spend as much as $1 trillion to cover the decline in the issuance of securities backed by consumer loans. He further proposed to give banks new infusions of capital with which to lend. In exchange, banks would have to cut the salaries and perks of their executives and sharply limit dividends and corporate acquisitions.[44][45] The plan was criticized by Nobel Prize–winning economist Paul Krugman[46] as well as fellow Nobel laureate and former World Bank Chief Economist Joseph Stiglitz.[47] The "Bank Bailout", that is the TARP and Fanny and Freddy bailouts combined, had an outflow of $615 billion in funds from the US Treasury. As of June 2015 the inflow to the US Treasury from those institutions was $670 billion. In the end, the "Bank Bailouts" turned a profit to the US treasury. Geithner weathered criticism early in the Obama presidency, when Congressman Connie Mack (R-FL) suggested he should resign over the AIG bonus scandal, and Alabama Senator Richard Shelby said that Geithner was "out of the loop". Democrats largely joined Obama in supporting Geithner, and there was no serious talk of him losing his job.[73] In November 2009, Oregon Representative Peter DeFazio, speaking for himself and some fellow members of the Progressive Caucus, suggested that both Geithner and Lawrence Summers, the director of the National Economic Council, should be fired in order to curtail unemployment and signal a new direction for the Obama administration's fiscal policy.[74] When Geithner appeared in front of the Congressional Joint Economic Committee that month, the ranking House Republican, Kevin Brady of Texas, said to the secretary, "Conservatives agree that, as point person, you've failed. Liberals are growing in that consensus as well. Poll after poll shows the public has lost confidence in this president's ability to handle the economy. For the sake of our jobs, will you step down from your post?" Geithner defended his record, suggesting Brady was misrepresenting the situation and overestimating popular disapproval of his job performance.[75] In June 2011, The New Republic criticized Geithner from the left, arguing that he was and is overly concerned with the deficit at a time, following the Great Recession, the government should be pursuing stimulus; and as a result, it is possible that the stimulus was smaller than it could have been. Geithner left the administration on January 25, 2013. After leaving office, Geithner wrote a memoir of his time serving as Secretary of Treasury entitled Stress Test: Reflections on Financial Crises, published in May 2014. In November 2013, it was announced that Geithner would join the private equity firm Warburg Pincus as president and managing director in March 2014. https://en.wikipedia.org/wiki/Timothy_Geithner