[Congressional Record Volume 155, Number 12 (Wednesday, January 21, 2009)]
[Extensions of Remarks]
[Pages E114-E115]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               TARP REFORM AND ACCOUNTABILITY ACT OF 2009

                                 ______
                                 

                               speech of

                           HON. BOB ETHERIDGE

                           of north carolina

                    in the house of representatives

                       Thursday, January 15, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 384) to 
     reform the Troubled Assets Relief Program of the Secretary of 
     the Treasury and ensure accountability under such Program, 
     and for other purposes:

  Mr. ETHERIDGE. Mr. Chair, I rise in support of H.R. 384, TARP Reform 
and Accountability Act of 2009. This bill makes critical adjustments to 
the Troubled Assets Relief Program, TARP.
  On October 3rd of last year, I voted in favor of the Emergency 
Economic Stabilization Act in response to the continued economic 
turmoil across the country. This bill created the TARP initiative to 
address many of the ills plaguing our economy. However, like many 
Americans, I have been disappointed in how the administration has 
managed this initiative. H.R. 384 addresses these concerns by closing 
loopholes, increasing transparency, and strengthening accountability in 
the TARP. H.R. 384 strengthens executive compensation restrictions 
against ``golden parachutes'' for retiring executives and prohibits 
bonuses for the 25 highest paid employees of a company receiving TARP 
funds. This bill also adds new strengthened reporting requirements for 
companies to detail their planning and use of TARP funds.
  While we must continue to work to revive the credit market for 
consumers, TARP funds also need to be targeted to the thousands of 
American families facing the prospect of home foreclosure. I am pleased 
that H.R. 384 mandates that the Treasury Department use up to $100 
billion of the TARP funding to develop a foreclosure mitigation plan. 
In addition, H.R. 384 includes provisions that lower premiums for 
consumers that are taking part in the Hope for Homeowners initiative, 
as well as provisions that will direct the Treasury Department to 
ensure the availability of affordable mortgage rates for qualified home 
buyers. These changes benefit the hundreds of thousands of Americans 
who are facing foreclosure, as well as stimulating the home buying 
industry and benefiting our struggling economy. Finally, this bill 
increases confidence in the financial industry by permanently providing 
Federal deposit insurance for deposits up to $250,000.
  The provisions of H.R. 384 help ensure that the TARP will be better 
used to address the needs of millions of Americans who are struggling 
to get credit from lenders, hold on to their savings, and avoid home 
foreclosures. I support H.R. 384, TARP Reform and Accountability Act of 
2009, and I urge my colleagues to join me in voting for its passage.

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