Washington, DC – Today, Congressman Frank Kratovil voted to block the release of an additional $350 Billion in bailout funds.  Kratovil voted for a Republican motion that was aimed at stopping the additional funding based on the fact that the original $350 Billion approved by Congress last fall has been mismanaged and done little or nothing to improve the current economic environment.

 

“Until the federal government provides the needed oversight and applies the necessary accountability to every penny we spend we shouldn’t be throwing even more taxpayer money at a bad idea,” said Kratovil.  “The last bailout did nothing, and until we change the way we do things I can’t trust that this money will have any effect either.”

 

The Republican provision, supported by only 26 House Democrats, ultimately failed. 

However, Kratovil did support final passage of the TARP Reform and Accountability Act, to amend the Troubled Assets Relief Program (TARP) provisions in the bailout bill which passed last fall.  This legislation will strengthen accountability, close loopholes, increase transparency, and require Treasury to take significant steps on foreclosure mitigation. 

 

“Although I oppose the release of additional tax payer dollars being used to bailout Wall Street, if the Congress is intent on writing another bailout check, it must do so in as responsible manner as possible,” said Kratovil.  ““If bailout  funds aren’t targeted toward the neediest sectors and governed by oversight and transparency they will fail miserably, do further damage to the economy, and end up costing taxpayers in the long run, “ said Kratovil. 

 

###