[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 950 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. RES. 950

Expressing the sense of the House that any unobligated funds authorized 
 for expenditure by the Troubled Asset Relief Program (TARP) should be 
            used to create jobs for United States citizens.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 8, 2009

  Mr. Johnson of Georgia (for himself, Ms. Richardson, Mr. Lujan, Ms. 
    Jackson-Lee of Texas, Mr. Ellison, Mr. Conyers, and Mr. Filner) 
submitted the following resolution; which was referred to the Committee 
                         on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
Expressing the sense of the House that any unobligated funds authorized 
 for expenditure by the Troubled Asset Relief Program (TARP) should be 
            used to create jobs for United States citizens.

Whereas the Troubled Asset Relief Program (TARP) authorizes the Secretary of the 
        Treasury to purchase hundreds of billions of dollars of assets and 
        equity from financial institutions to ensure their solvency, promote 
        trust in the financial system, and ease credit markets;
Whereas TARP funds have been used to ensure that small businesses and 
        individuals have access to credit;
Whereas stress in credit markets has eased such that financial institutions have 
        begun to repay TARP loans and emergency assistance to financial 
        institutions is no longer necessary;
Whereas TARP funds have been misused to fund large compensation and bonus 
        packages for executives of financial institutions that required 
        assistance from the United States;
Whereas United States citizens continue to face a severe economic downturn;
Whereas in October 2009, the Bureau of Labor Statistics reported a nationwide 
        unemployment rate of 10.2 percent, the highest since the Great 
        Depression;
Whereas as of November 2009, the Bureau of Labor Statistics reported that the U-
        6 measure of unemployment, which includes discouraged workers and 
        workers able to find only part-time employment, was 17.2 percent;
Whereas as of November 2009, the Bureau of Labor Statistics reported that more 
        than 15,000,000 people were unemployed;
Whereas the monthly 105(a) report from the Department of Treasury, dated 
        November 10, 2009, calculates that $139.3 billion of the TARP funds are 
        unobligated funds authorized for expenditure; and
Whereas according to the United States Conference of Mayors December 2008 
        ``Ready-to-Go Jobs'' Report, in 641 cities in all regions of the 
        country, a total of 15,221 local infrastructure projects are ``shovel-
        ready'' and capable of creating more than 1,000,000 jobs over a 2-year 
        period: Now, therefore, be it
    Resolved, That the House of Representatives--
            (1) recognizes that job creation is the top priority of the 
        United States;
            (2) observes that there are ``shovel-ready'' projects 
        nationwide that could create more than 1,000,000 jobs given 
        adequate public investment; and
            (3) states that the $139.3 billion of unobligated funds 
        authorized for expenditure by the Troubled Asset Relief Program 
        should be used to create jobs for United States citizens.
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