Washington, D.C. – Speaker Nancy Pelosi released the following statement on the House passage of Chairman Barney Frank’s TARP Reform and Accountability Act, which bolsters transparency, accountability and addresses the foreclosure crisis directly. The House approved the measure late this afternoon by a vote of 260 to 166.
“President Obama and Congress are committed to seeing that funds under the Troubled Asset Relief Program (TARP) are used responsibly, with full accountability and transparency, and that help is provided to Americans in danger of losing their homes. Chairman Frank’s bill achieves these objectives and ensures that the TARP functions as Congress originally intended.
“The TARP Reform and Accountability Act will help ease the credit crunch for workers and small businesses, provide at least $100 billion to help homeowners avoid foreclosures, and end golden parachutes for executives whose banks receive TARP assistance.
“The American people deserve a government that is a fierce watchdog of their hard-earned tax dollars. Congress and the new Administration will ensure that TARP funds are used for lending to American workers and small businesses – so we can lift our economy out of recession – and not for the enrichment of a privileged few.”
