[Congressional Record Volume 155, Number 9 (Thursday, January 15, 2009)]
[House]
[Pages H369-H370]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TARP--AIG

  (Mr. CROWLEY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. CROWLEY. Madam Speaker, today, the House began consideration of 
legislation to strengthen the Troubled Assets Relief Program. 
Implementation of this legislation is urgently needed, and here's why:
  Just last week AIG pulled back on a plan that would have cost 
taxpayers $93 million. What prompted AIG to cancel its proposal? Three 
phone calls, none of which came from the Bush administration. They came 
from myself and Congressman Paul Kanjorski of Pennsylvania. AIG is just 
one example.

[[Page H370]]

  The Bush administration has been asleep at the switch throughout our 
economic recovery efforts. They have failed to monitor the actions of 
the companies and banks that have received Federal support through 
TARP; they have failed to place real caps on the excessive pay of 
corporate CEOs who take taxpayer money; and they have failed to ensure 
taxpayer-lent funds are being wisely spent.
  Starting today our efforts to put our Nation's economy back on the 
right track will be taken in a new direction. With consideration of 
H.R. 384 and the start of the Obama administration, accountability and 
oversight will now govern TARP. After 8 years it is a new beginning for 
our country, and it couldn't have come at a better time, on the same 
day the Bank of America is seeking billions more in Federal assistance.
  Reform is what the American people deserve because it is their money 
on the line.

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