Sen. Maria Cantwell (D-Wash.) on Friday announced the introduction of legislation aimed increasing the use of the low-income housing tax credit.

Investor lost their appetite for the credit after the financial crisis hit and capital for low-income housing largely dried up. Cantwell's bill provides incentives that are meant to lure investors back to the credit.  

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Sen. David Vitter (R-La.) had been a supporter of related legislation sponsored by Sen. Bernie Sanders (I-Vt.).

Consumer borrowing rose unexpectedly in March for the second time in three months as Americans spent more, fueling the nation's economic recovery. 

Debt increased $2 billion, at a 1 percent annual rate to $2.451 trillion, following a revised $6.2 billion decline in February, according to a report released by the Federal Reserve on Friday.  

Consumers continued to reduce their credit card debt, decreasing $3.2 billion or at an annual rate of 4.5 percent while non-revolving debt such as auto and student loans were up 4 percent in March, according to the report.  

Spending could continue to increase as people find jobs. The economy added 290,000 jobs in April, the largest increase in four years bolstered by a majority -- 231,000 -- coming in the federal sector. Unemployment rose slightly to 9.9 percent the numbers of people looking for work grew. 

Consumer spending grew by the fastest pace in three years during the first quarter, further signaling an economic recovery. 

Changes to an amendment to require an audit of the Federal Reserve didn't alter the goal, Sen. Bernie Sanders (I-Vt.) told reporters Friday. 

Tweaks to ensure that Congress doesn't get involved in monetary policy or setting interest rates didn't change "the essence of what I want," Sanders said. 

The amendment to the financial regulatory reform bill would require an audit of the Federal Reserves assets taken on between December 2007 and enactment of the legislation. The audit would take about a year with a report to Congress by the General Accounting Office three months later. 

A vote could happen sometime Tuesday morning but Sanders said he didn't have any guarantees. 

Sanders said he was "disappointed" that Rep. Ron Paul (R-Texas) criticized the changes but insisted the Senate strengthened the amendment by requiring stricter disclosure rules than those included in a House-passed measure. 

While the changes attracted the support of Senate Banking Chairman Chris Dodd (D-Conn.), Sanders was uncertain whether he could get the support of 60 members, although the amendment's chances for survival certainly improved.  

Federal Reserve Chairman Ben Bernanke strongly opposes the amendment. 

Sanders said he was hoping the White House had softened on its stance. 

"The European Union was formed to compete with the United States of America, economically," the House Republican Conference Chairman said.

Paul Volcker is warning against a controversial provision of financial overhaul that would limit commercial banks use of derivatives.

President Barack Obama on Friday hailed the 290,000 jobs added to the economy in April as evidence his policies are working. 

NASDAQ CEO Robert Greifeld on Friday said several factors contributed to yesterday's near 1,000 point drop in the Dow.

"I think it was a confluence of factors led by the marcro-economic environment, the futures market and then the listed market for those stocks," he told ABC's Good Morning America. 

Federal loans and deferments are available to Louisiana coastal businesses affected financially by the oil spill in the Gulf of Mexico. 

Small businesses can apply for up to $2 million at a 4 percent interest rate and terms up to 30 years, the Small Business Administration announced. The deadline to apply for the loans is Feb. 7, 2011. 

The SBA also is offering deferments for businesses holding SBA loans. 

The Economic Injury Disaster loans can be used by small businesses unable to get credit to pay fixed debts, payroll, accounts payable and other bills because of the disaster's effects. SBA also is encouraging the businesses to file claims with British Petroleum, which is responsible for the clean up and containment of the massive oil spill.