WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today:
“In the past few days, it has become apparent that some financial institutions are misinterpreting the intent of Secretary Paulson’s ‘Troubled Asset Relief Program.’ This program was set up to provide assistance to banks for the purpose of lending, not for the purpose of issuing excessive bonuses, severance pay, dividends, or acquisitions of other institutions. It is the responsibility of all parties involved to remember not only the terms, but the spirit of this program.
“Let’s be clear, Congress will continue to exercise strong oversight of this program. And we will work closely with Secretary Paulson and the next Administration to ensure that the taxpayers’ interests are protected and that Main Street is truly the beneficiary of this important program.”