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Cornyn: Release Of Remaining TARP Funds Without Greater Transparency & Accountability Would Be A Grave Disservice To The American People

WASHINGTON—U.S. Sen. John Cornyn, a member of the Senate Budget Committee, today voted in favor of a Resolution of Disapproval regarding the release of the remaining TARP funding. Sen. Cornyn is an original cosponsor of the Resolution:

“As I stated earlier this week, without greater transparency and accountability measures in place, I cannot in good conscience lend my support to the release of the remaining TARP funds. It would be a disservice to the American taxpayers who are footing TARP’s bill, and it goes against every open government principle I have worked on in my public service. For these reasons, I voted today in disapproval of the release of additional TARP funds,” Sen. Cornyn said. “The remaining $350 billion of TARP funding hardly grew on a money tree – it stems directly from the pockets of hard-working Americans and they deserve to see how their tax dollars are being spent. I call on incoming and outgoing Administration officials to produce tangible assurances for Congress and the American people to see how the first half of TARP was spent and what transparency and accountability measures are in place to ensure the second half will go directly toward helping businesses and struggling Americans on Main Street U.S.A.”

Sen. Cornyn serves on the Armed Services, Judiciary and Budget Committees. He serves as the top Republican on the Judiciary Committee’s Immigration, Refugees and Border Security subcommittee and the Armed Services Committee’s Airland subcommittee. He served previously as Texas Attorney General, Texas Supreme Court Justice, and Bexar County District Judge.

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