WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Senate voted to allow the release of the remaining Troubled Asset Relief Program (TARP) funds:
“As our nation continues to struggle with this recession, it is important that President-elect Obama have all the tools he needs to address the ongoing financial crisis in a swift, effective manner as soon as he takes office. However, the American people have been rightfully concerned over how TARP funds have been spent so far. That is why the House began consideration of the TARP Reform and Accountability Act, which will set strong conditions to ensure the future use of any funds is directed to areas of the economy that precipitated this crisis.
“I expect the House to complete consideration of this bill next week before considering a resolution disapproving of the release of remaining TARP funds. While Senate action has assured that President-elect Obama will have access to the TARP money, it is important for Members of the House to reflect their constituents’ wishes by having the opportunity to vote on the disapproval resolution.”