Gulf Coast Recovery

By: Associated Press
By: Associated Press

President Bush is naming a top banking regulator to head up federal efforts to rebuild the hurricane-ravaged Gulf Coast.

Officials say Donald Powell, who's currently head of the Federal Deposit Insurance Corporation, will be in charge of long-term planning and reconstruction.

Powell's a former banking industry executive and a top Bush campaign contributor.

Under fire for the administration's slow response to Hurricane Katrina, the president's been pressed by lawmakers to name a rebuilding czar.

So far, Congress has approved $62 billion for hurricane recovery efforts. But about $40 billion of that has yet to be spent.

Bush has said the reconstruction job along the Gulf Coast will likely be among the biggest in history.

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