November 17th, 2008 - Washington, D.C. - In an effort to protect taxpayer dollars, Senator Norm Coleman today sent a letter to the Senate Banking Committee urging them to examine if companies are seeking funding from the Troubled Assets Relief Program (TARP) to obtain a competitive advantage. Expressing his concern in the letter, Senator Coleman maintained that the intent of this funding was to stabilize the financial system.
Text of the letter is as follows:
The Honorable Christopher Dodd, Chairman
The Honorable Richard Shelby, Ranking Member
Committee on Banking, Housing and Urban Affairs
United States Senate
Washington, D.C. 20510
Dear Chairmen Dodd and Ranking Member Shelby,
As part of your ongoing oversight efforts with respect to the Troubled Assets Relief Program (TARP), I would like to strongly encourage you to look into whether companies are seeking access to TARP funds for their own competitive benefit rather than using them in a manner consistent with stabilizing the financial system. This is particularly salient as the Department of Treasury intends to expand the availability of TARP funds to the non-banking consumer sector.
The American taxpayer deserves to have the assurance that companies are not using the financial crisis as an opportunity to gain a competitive advantage – let alone further their financial standing. As you know, TARP was never intended for these purposes, and it is critical that Congress ensures that Treasury is fully complying with congressional intent with respect to TARP.
I appreciate your attention to this important issue and would be pleased to work with you on addressing any misuses of TARP funds.
Sincerely,
Norm Coleman
United States Senate
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Contact(s):
Leroy Coleman, (202) 224-5641
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