Mr. Speaker, I thank my colleague from North Carolina, Ms. Foxx, for introducing this resolution of disapproval.  This resolution reflects the sentiments of my constituents in Illinois regarding the Troubled Asset Relief Program or TARP.  Simply put, they don’t believe their money has been managed wisely, and neither do I. 
 
When Congress passed the financial rescue package, it was to stave off an immediate and dire threat to our entire economy.  But before taxpayers are asked to spend another $350 billion dollars, shouldn’t we examine where the money has gone?  Shouldn’t we be satisfied that funds are being used as intended – to get credit flowing again, not just to financial institutions, but to consumers and small businesses?  Now, the money is being used to bail out auto companies, but it’s still not getting to homeowners in my district struggling with foreclosure.
 
Treasury needs to provide much greater transparency and show us where the American taxpayers’ money is going before requesting more.  I don’t believe that’s too much to ask. 
 
In recent remarks, Interim Assistant Secretary for Financial Stability Neel Kashkari, said that, “Treasury has been working with the banking regulators to design a program to measure the lending activities of banks that have received TARP capital.”  He also said they “plan” to study changes in how TARP recipients are altering their balance sheets and refinancing activities.
 
Unfortunately, we have yet to see this plan executed.  Why would the American taxpayers choose to write another check when the Treasury Department has yet to establish any kind of tracking mechanism to determine where the last $350 billion has gone?
 
In addition, neither Treasury nor Wall Street has demonstrated an immediate need for this second round of funds.
 
I will continue to support the amendments of my colleague, Mr. LaTourette of Ohio, to bring more transparency and accountability to the TARP program.  I commend Chairman Frank for his efforts on that front as well.  Unfortunately for the American taxpayer, the Senate has given no indication that it will pass such legislation.
 
I also would add that our Committee, the Committee on Financial Services, needs to hold more oversight hearings regarding this program.  Why have the financial executives never been asked to testify before our Committee about their use of TARP funds?  Many House Republicans asked for this hearing, and it has yet to happen.  Where is the oversight?  The Committee needs to do its job.
 
I urge my colleagues to support this resolution to ensure that taxpayers aren’t simply throwing good money after bad.  Thank you.  I yield back.

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