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Bachus: We Need To End TARP, Taxpayers Must Be Repaid


WASHINGTON, Dec 8 -

- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding the Obama Administration's plan to divert TARP money to fund its political priorities.

Ranking Member Bachus said, "President Obama's plan to use TARP to fund more government spending violates the intent of the law, does nothing to create jobs, and further adds to America's massive debt burden.

"TARP was supposed to be a temporary plan to restore the health of the credit markets and protect the economy from a ‘doomsday' scenario.  Instead, the Obama Administration is turning TARP into a permanent bailout agency and petty cash drawer for politically favored interests.

"Taxpayers deserve better; they deserve to be repaid. We need to end TARP and require that all repayments go directly toward paying down the debt."

NOTE: House Democrats are also pursuing additional measure that will prevent taxpayers from being repaid for TARP. Financial Services Committee Chairman Barney Frank has added language to his manager's amendment that will divert $3 billion in TARP funds for  emergency mortgage relief and an additional $1 billion for the neighborhood stabilization program.