[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 94 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. RES. 94

Urging the Secretary of the Treasury to take certain actions under the 
 Emergency Economic Stabilization Act of 2008 to protect the interests 
                of the taxpayer, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 27, 2009

 Mr. Hall of New York (for himself, Mr. Welch, Ms. Kaptur, Mr. Arcuri, 
  Mr. Higgins, Mr. Rothman of New Jersey, Mr. Burton of Indiana, Ms. 
   Hirono, Ms. Linda T. Sanchez of California, Ms. Baldwin, and Ms. 
  Loretta Sanchez of California) submitted the following resolution; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
Urging the Secretary of the Treasury to take certain actions under the 
 Emergency Economic Stabilization Act of 2008 to protect the interests 
                of the taxpayer, and for other purposes.

Whereas Congress passed the Troubled Assets Relief Program in October, 2008, 
        with the intent to prevent a collapse of the credit markets;
Whereas since the approval of TARP more than $350,000,000,000 has been spent 
        without sufficient oversight or taxpayer protections;
Whereas the national unemployment rate is the highest it has been for 16 years 
        and the national foreclosure rate is the highest is has been in 3 
        decades;
Whereas Citigroup alone has received at least $45,000,000,000 in taxpayer 
        funding through the TARP funds;
Whereas Citigroup has recently purchased a $50,000,000 foreign-built, luxury 
        corporate jet, despite the fact that the company's continued survival 
        has been dependent on the American taxpayer for the last several months;
Whereas in these difficult times it is unfathomable to imagine that taxpayer 
        dollars are being used to buy a high-end corporate jet;
Whereas the previous Secretary of the Treasury has failed to prevent TARP 
        recipients like Citigroup from spending money contrary to congressional 
        intent; and
Whereas under TARP, the Secretary of the Treasury alone has the authority to 
        restrict who may receive money under the program and what a company may 
        do with the money once they receive it: Now, therefore, be it
    Resolved, That the House of Representatives--
            (1) strongly urges the Secretary of the Treasury to halt 
        the purchase of a luxury corporate jet by Citigroup or require 
        Citigroup to reimburse the Treasury for its cost;
            (2) strongly urges the Secretary of the Treasury to use his 
        authority under Emergency Economic Stabilization Act of 2008 to 
        require TARP recipients to spend the taxpayers' money to help 
        homeowners, small businesses, and others hurt by the recession; 
        and
            (3) strongly urges the Secretary of the Treasury to place 
        further restrictions on TARP recipients to limit executive 
        compensation, golden parachutes, and unnecessary corporate 
        perks like private planes, spa vacations, bonuses, rugs, and 
        newly renovated offices.
                                 <all>