Congresswoman Lee Supports TARP reform and Accountability Legislation
For Immediate Release
January 22, 2009
Contact: Nicole Y. Williams
(202) 225-2661
Washington, DC – Following the passage of the TARP Reform and Accountability Act which amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to requires specified depository institutions under TARP to report periodically on their use of TARP assistance, Congresswoman Barbara Lee released this statement:
“It is clear that the Bush Administration mishandled the TARP program at great cost to the American people and in direct contravention of Congressional intent. Despite the recklessness of the Bush Administration, today we must act to provide President Obama and his economic team with the opportunity to utilize the remaining money to ensure that we keep homeowners in their homes. The bill that Chairman Frank has developed would completely revamp the TARP program to ensure that funds are spent responsibly and transparently to help stabilize our economy and get credit flowing again. Most importantly, it would take significant steps to help Americans stay in their homes and ensure the continued availability of affordable housing.
“By passing this significant overhaul of the TARP program combined and with the commitment of President Obama to properly administer the program according to the standards articulated in this bill, we can help millions of individuals keep their homes while providing liquidity to credit markets and accountability to taxpayers.
“I want to thank Chairman Frank for his work on this bill, and for agreeing to accept an amendment that Congresswoman Waters, Congressman Meeks, and I offered to ensure that minorities and women-owned business are included in the contracting activity and use of TARP funds. I also want to thank and acknowledge the work of both my colleagues in crafting this important amendment.”
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