Press Release

Hensarling Statement on First
Congressional Oversight Panel Report 

WASHINGTON — Congressman Jeb Hensarling (R-Dallas), Chairman of the Republican Study Committee and Minority Leader John Boehner’s appointment to the   Congressional Oversight Panel for the $700 billion Troubled Asset Relief Program (TARP), today issued the following statement after voting against the first report issued by the panel:

“Though I opposed the enactment of TARP both times it was considered in the House, now that it is law of the land, I, like many of my colleagues, intend to do whatever I can to ensure that it works.  In my role on the TARP panel, my top three goals are to ensure that the program works, to ensure that decisions made are based on merit and not political considerations, and most importantly, to ensure that taxpayers are protected.   I am hopeful that the oversight panel will eventually be an effective vehicle for these goals to be met, but thus far the jury is still out on that.

“In order to be an effective advocate for the American taxpayer, I have to ensure that every panel member has the resources and rights necessary to conduct effective oversight.  I must also ensure that the panel adopts a serious agenda that truly brings transparency and accountability to the process.  I have raised my concerns but thus far, perhaps due to the exigency of the circumstances, they have not yet been addressed. 

“Until I conclude that these important issues are addressed, and that all taxpayers can be sure that their voices are represented, I cannot in good conscience approve any reports.  I look forward to testifying before my colleagues on the House Financial Services Committee tomorrow and detailing my concerns.”

###