UPDATE: @ 8:25 PM

The Treasury Department issued its new transparency policy. See here.

In one of his first official acts as Treasury chief, Timothy Geithner announced he will create new guidelines to curb the ability of banks to lobby for bailout funds. To that end, the Treasury Department will make public a log of all contacts by public officials and bankers regarding specific financial institutions. The details of the new rules are unknown as their text has not been completed.

"American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system," Geithner said in a statement.

Without specifics on the rules, both the watchdog community and lobbying firms wonder how the regulations will take shape. The administration cannot stop individuals from attempting to lobby the Treasury or other federal regulators. However, The Washington Post reports that attorneys at Treasury are working to develop the strictest limits allowed by law.

Geithner also didn't talk about the hiring of former lobbyists to work at his department. Geithner has signed on Mark Patterson to be his chief of staff, according to news reports. Patterson was reportedly a registered lobbyist for Goldman Sachs until early 2008.

                                                                                  -Eliza Krigman and Bara Vaida