Congressman Rick Larsen's Online Office

Washington, D.C. — U.S. Representative Rick Larsen (WA-02) released the following statement on a report released Friday on the Treasury Department’s implementation of the financial rescue package:

“A report out today from the Congressional Oversight Panel for Economic Stabilization brings deeply troubling news about the implementation of the financial rescue package. 

“I am appalled by news reports that the Treasury Department has failed to hold financial institutions accountable for their use of taxpayer money. The report out today also confirms that Treasury has taken no action to help struggling homeowners in spite of the fact that Congress gave Treasury the power to do so as part of the financial rescue package we passed in October. As I have said before, stemming the tide of home foreclosures is critical to getting our economy out of this mess.

“Moving forward, Congress and Treasury must hold financial companies accountable for making the best possible use of taxpayer money and for being fully transparent with the American people. I am encouraged that Chairman Frank will be holding a hearing next week to draft tough requirements for transparency, accountability and foreclosure relief that Treasury must meet before Congress could consider releasing any further TARP funds.

“In the coming months, the Treasury Department must do more to help families keep their homes and reduce the number of home foreclosures.  I look forward to hearing from incoming Treasury Secretary Geithner about his plans to overhaul the financial rescue program and put in place requirements to ensure transparency and accountability for taxpayers and help for homeowners. I am hopeful that the Obama Administration will deliver help for homeowners and ensure that banks are using financial rescue funds to increase lending to credit-worthy borrowers including small businesses and families.”

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