Thursday, January 22, 2009

Washington, D.C. – Congresswoman Dina Titus of Nevada’s Third District voted today against a measure to provide the Obama Administration with the second $350 billion from the Troubled Asset Relief Program (TARP).  Titus voiced concern that the recently House-passed TARP Reform and Accountability Act had not yet passed the Senate and been signed into law, and critical safeguards to protect taxpayer dollars were not in place.

“Under the Bush Administration the money that was originally intended to go toward addressing the foreclosure crisis was instead funneled into banks that have done nothing but horde the money, failing to lend and get the economy moving again,” Congresswoman Titus said.  “My constituents in the Third District who have been hit hardest during the foreclosure crisis cannot afford for that to happen again.  While I have confidence that President Obama intends to responsibly use the remaining TARP funds, I cannot support releasing the funds until there are sufficient safeguards to ensure accountability and transparency.  It is critical that there is legislation requiring this money go toward reducing foreclosures and keeping people in their homes.”

Yesterday, the House passed the TARP Reform and Accountability Act, which mandates that at least $40 billion goes toward helping homeowners and addressing the mortgage crisis that is at the root of the economic crisis.  The legislation, which Titus supported, also requires banks to report how they are spending the money they receive from the government and limits executive bonuses for firms that receive TARP funds.

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Tags: economy, TARP