WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after reports that the Bush Administration will seek access to the remaining funds of the Troubled Asset Relief Program on behalf of President-elect Obama:
“The American public has been rightfully concerned about the effectiveness of the first $350 billion used by the Troubled Asset Relief Program. The Democratic Congress is already taking action to ensure that the future use of any taxpayer money is directed to the areas of the economy that created this financial crisis. This week we will bring to the Floor the TARP Reform and Accountability Act, which will restore our original intent to address the mortgage and credit crisis and include stringent accountability measures. This bill will require a significant amount of money be devoted to mitigating foreclosures, attach robust conditions to any assistance given to financial institutions, and set tight accountability and transparency measures to ensure that banks use funds they receive to ease the credit crunch. I expect the House to begin consideration of the TARP Reform Act on Wednesday and complete consideration on Thursday.
“I am encouraged that President-elect Obama agrees with the need for strong oversight and accountability, and I look forward to working with him and the Congressional leadership as this process moves forward.”