[Congressional Record Volume 155, Number 12 (Wednesday, January 21, 2009)]
[House]
[Page H394]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  TAXPAYER DOLLARS MUST BE SPENT WITH ACCOUNTABILITY AND TRANSPARENCY

  (Mr. LEE of New York asked and was given permission to address the 
House for 1 minute.)
  Mr. LEE of New York. Madam Speaker, taxpayer dollars must be spent 
with accountability and transparency. To date, the Troubled Asset 
Relief Program, commonly known as TARP, has failed to meet the 
commonsense standard of fiscal responsibility.
  TARP was established last fall as an emergency plan to prop up the 
ailing financial markets, but, today, we have far more questions than 
answers. Taxpayers have already lost $64 billion on the first round of 
investments made through TARP. The new administration has asked this 
Congress to double down on TARP and rubber stamp another $350 billion 
without credible assurance of future results.
  With a $1.2 trillion deficit on the books and a nearly $1 trillion 
stimulus package looming, these are resources we cannot afford to spend 
without responsible oversight.
  Western New York's economy is in a perilous state. What we need right 
now is swift bipartisan action that creates jobs and spurs future 
economic growth, not another bloated Washington program that 
overpromises and underdelivers.
  I hope my colleagues will reject any attempt to rubber stamp the TARP 
Program and ensure taxpayer dollars are spent wisely, not wastefully.

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