[Congressional Record Volume 155, Number 12 (Wednesday, January 21, 2009)]
[Extensions of Remarks]
[Page E119]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               TARP REFORM AND ACCOUNTABILITY ACT OF 2009

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                               speech of

                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                      Wednesday, January 14, 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. BLUMENAUER. Mr. Chair, last fall, I opposed the initial round of 
financial recovery spending on the grounds that there were too many 
unknowns about what, and who, our federal dollars were financing. 
Subsequent events, which revealed that many recipients continued to 
hold back from making the loans necessary for economic recovery, 
justified my initial position.
  With H.R. 384, Congress is beginning this process to recover and 
renew America's economic strength with a new administration. Further 
congressional action is necessary because the efforts to date have been 
off the mark. This bill is the first step to providing guidance to the 
new administration, which has already learned many of the lessons from 
the past administration's failed effort.
  I have come to this juncture today with an even greater sense of 
urgency than even last fall. Thanks to this legislation we can provide 
hope to American families. This legislation puts stronger oversight 
mechanisms in place and requires the Treasury Department to reach 
enforceable and measurable agreements on the use of TARP funds. The 
legislation also places strong limitations on executive compensation, 
provides strong foreclosure relief, and includes significant incentives 
that will aid homebuyers struggling to refinance their loans. For these 
reasons, H.R. 384 deserves my support.

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