This week, Congress will consider H.R. 384, the TARP (Troubled Asset Recovery Program) Reform and Recovery Act. This legislation will make significant changes to the financial rescue package by requiring strengthened oversight and transparency to additional foreclosure relief. It will:
• require that $40 billion of the remaining TARP money be spent to help homeowners,
• force banks to report how government funds are being spent,
• limit executive bonuses for firms participating in TARP,
• assist cities and other tax-exempt issuers in finding investors for their bonds; and
• give explicit authority for TARP funds to be used for automobile company restructuring.
It goes without saying that the Bush Administration’s Treasury Department had mismanaged the funds that were approved in the last Congress, and has not satisfactorily explained how $350 billion dollars was spent. It’s important that we enforce strong oversight to ensure that the second half will be spent responsibly in a time where the American people cannot afford to see their tax dollars wasted. I look forward to seeing the developments on this legislation, and I plan on reporting back as we move ahead.
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Posted by Tim Ryan (01-13-2009, 01:15 PM) filed under
General
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Comments:
Comment by: Gabe McGranahan
January 14, 2009 02:59 PM
Yes it goes without saying. Thank you for your "Yes" vote to give the administration that authority. Good job reading over the legislation and for not listening to your constituency and the American people who overwhelmingly said "NO". Golly gee, they snuck that one by you.
But you won't let them sneak that kind of thing by again, will you? Isn't this HR 384 being pushed through the same way the original TARP was?
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