January 21, 2009

Larson: Congress taking steps to make bailout recipients more accountable

Press release from U.S. Rep. John Larson, the East Hartford Democrat whose 1st District includes Bristol:

WASHINGTON, DC – The House of Representatives approved legislation today that would put strict accountability and reporting requirements on the money spent under the Troubled Assets Relief Program.  Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus said:
“The Bush Administration wholly mismanaged the first $350 billion in TARP money that Congress entrusted to them to rescue our financial system.   They began by spending the money contrary to the clear intent of Congress.  And, they gave it to company’s who offered no record of how taxpayer’s money was spent.  Now, we will do better.  
“With President Obama in the White House we will usher in a new age of transparency and honesty.  And, the first step in that is ensuring that the additional TARP money will be used to revive our financial system, not pad the pockets of high-paid executives. We must make sure that the American people understand how every penny is spent and what they get out of it.  
“The legislation that passed the House today will require reporting from the financial institutions that receive TARP money.  We limited compensation for the top executives of these firms.  And, we require that a substantial portion of the money be directed at the root of our economic problems – the housing industry and foreclosure.
“I believe it is also important that we take this opportunity to look back at how our financial system collapsed and what we can do to make sure it never happens again. That will mean taking a close look at the corporate culture and regulations that created this crisis.
“With the Obama Administration at the nation’s helm I am confident that we will work in the best interest of the American people by ensuring the utmost transparency and accountability not just in the TARP program and our economic recovery, but in everything we do.”
Copyright 2009. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com


Anonymous said...

Once again Larson spews lies , speaks with little sincarity and is nothing but a BS artist. The Bush Administration,and other REPUBLICANS spoke about the fiasco the DEMOCRATS were creating back in 1992 19999 and again in 2005. YOU and your cronies turn a blind eye to what was going on at FANNIE MAE and FEREDDIE MAC...big supporters of the Obamanation of a president we now have. Larson should take the time to tell us about his collegue SENATOR DODD who screwed the ENTIRE AMERICAN PUBLIC while asleep at the switch of the Senate Banking Committee he co-chairs. Tell us LARSON how did DODD get a sweetheart mortgage deal? Why won't he be TRANSPARENT...you democrtas like that word so much. Larson...go back to sleep you bafoon. Every time you open your trap mouth ...it will get stuffed with DODD DOPE.

Anonymous said...

Transparency, transparency, transparency. Show us his birth certificate.

Anonymous said...

Right here:

I Wonder said...

John, why didn't you do this before?

With Franks, with Dodd, and all your other friends?

Anonymous said...


I Will said...

But will we remember in 2010 and 2012????

Anonymous said...

Obama talked about transparency: well, we are starting to see right through him!