WASHINGTON, DC – Majority Leader Steny Hoyer (MD) issued the following statement today after the Congressional Oversight Panel for Economic Stabilization released its first report evaluating the Troubled Asset Relief Program (TARP) as authorized by Congress in the Emergency Economic Stabilization Act (EESA) of 2008.
“I commend the Congressional Oversight Panel for Economic Stabilization for its initial assessment of the Troubled Asset Relief Program. Today’s report raises critical questions about the use of public funds to meet the goals of EESA to restore confidence in the financial markets and free up credit, both for consumer lending and lending between institutions. I expect the Treasury Department to be forthcoming in addressing these questions and in providing assurances that public action is based on a coherent plan to strengthen the economy and that lending institutions are properly deploying TARP funds they receive.
“In addition, I wholeheartedly endorse the Panel’s call for Treasury to detail the steps it is taking to help troubled homeowners and encourage loan modifications. When Congress passed the economic recovery legislation, we instructed the Administration to use its authority to mitigate foreclosures and help families stay in their homes. While we work to stabilize our financial system, much more needs to be done to stem foreclosures and address the struggles of average Americans in the weak economy.”