Press release from U.S. Rep. John Larson, the East Hartford Democrat whose 1st District includes Bristol:
Copyright 2009. All rights reserved.
LARSON: TARP ACCOUNTABILITY IS BEGINNING OF NEW ERA OF GOVERNMENT TRANSPARENCY
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.”
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