[Congressional Record Volume 155, Number 13 (Thursday, January 22, 2009)]
[Extensions of Remarks]
[Page E129]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               TARP REFORM AND ACCOUNTABILITY ACT OF 2009

                                 ______
                                 

                               speech of

                         HON. JAMES R. LANGEVIN

                            of rhode island

                    in the house of representatives

                       Thursday, January 22, 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 ansd ensure accountability under such Program, 
     and for other purposes:

  Mr. LANGEVIN. Mr. Chair, I rise in support of H.R. 384, the TARP 
Reform and Accountability Act, which will ensure that TARP funding will 
be spent responsibly and transparently in an effort to get the economy 
back on track.
  In order to stabilize our economy and get credit flowing again to 
families and small businesses, we need to fundamentally change the 
practices of the Troubled Assets Relief Program before the remaining 
$350 billion streams into the marketplace. Unfortunately, the Bush 
Administration mismanaged the financial rescue funds approved in 2008 
and failed to follow congressional intent when it came to executing the 
Emergency Economic Stabilization Act. The Bush administration failed to 
address the foreclosures as the source of this crisis, and it did not 
effectively use TARP funds to restore our economy's flow of credit. 
Along with my constituents, I am deeply disappointed that the past 
administration did not adequately track how taxpayer money was spent to 
ensure that banks were using it for the intended purposes.
  Congress must only move forward with the release of the remaining 
TARP funds if they are confident that these failures will be remedied. 
H.R. 384 amends the Troubled Assets Relief Program provisions of the 
Emergency Economic Stabilization Act by strengthening accountability, 
closing loopholes, and increasing transparency. This measure sets up a 
blueprint to carefully track and monitor all the TARP funds, including 
previous and future allocations. It requires Treasury to provide a 
minimum of $40 billion on foreclosure mitigation to help homeowners 
address the mortgage crisis. H.R. 384 limits executive bonuses for 
firms participating in TARP and assists cities and other tax-exempt 
issuers in finding investors for their bonds. Under the direction of 
the Obama administration, I believe the TARP funding will adhere to 
these new transparency and accountability provisions, while also 
working to ensure that our taxpayers' needs are the top priority.
  During this difficult economic crisis, we need to stand up for Rhode 
Island families looking to secure student loans, car loans, home loans 
or mortgage refinancing. We need to make sure that small business 
owners have access to the capital they need to make payroll or invest 
in their companies. And we need to stabilize the pensions and savings 
that our retirees are counting on. I believe this recovery plan is 
essential for Rhode Island families. H.R. 384 will bring us closer to 
the original intent of TARP--to help those most in need during these 
difficult times.
  I want to thank my friend, Chairman Frank, for his tireless work on 
this issue, and I encourage my colleagues to vote for this bill.

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