Washington, D.C. – U.S. Representative Charles W. Boustany, Jr., (R-Southwest Louisiana), today voted to block an additional $350 billion for the Troubled Assets Relief Program, TARP.

“Treasury officials failed to implement a workable program to hold financial institutions accountable and protect taxpayers,” Boustany said.  “It is unacceptable for banks that received funds to refuse to disclose how those funds were spent.  TARP was designed to help Americans access needed credit to help with home and car loans in addition to home repair for families recovering from hurricanes Gustav and Ike.  I do not support releasing the money and will work with my colleagues to deny the Administration’s request.”

Boustany’s vote followed the January 12 Administration request for an additional $350 billion to fund further projects.  Under the law, Congress has 15 days to act to deny the funds.  Last year, Congress approved $350 billion to settle credit markets, which threatened to devastate the housing and auto industries and slow hurricane recovery.