Frank Statement on TARP Funds

Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today released the following statement in light of reports that President-elect Obama will ask President Bush to request the second $350 billion of TARP funds:

            “I agree that the money should be made available under the appropriate conditions.  We should not allow our disappointment at the Bush administration’s poor handling of the TARP program to prevent the Obama administration from using the funds in more appropriate ways.  I hope the House will pass a bill this week that sets forth the conditions we believe are necessary to assure that the public gets the full benefit of these funds.  It seems clear the Obama administration agrees with what we are setting forward, and I believe this creates a framework so that the release of these funds can go forward.”