[Congressional Record Volume 155, Number 15 (Monday, January 26, 2009)]
[Extensions of Remarks]
[Page E135]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               TARP REFORM AND ACCOUNTABILITY ACT OF 2009

                                 ______
                                 

                               speech of

                            HON. BARBARA LEE

                             of california

                    in the house of representatives

                      Wednesday, January 21, 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:
  Ms. LEE of California. Mr. Chair, I rise in support of 384, the 
Troubled Asset Relief Program (TARP) Reform and Accountability Act of 
2009.
  Although I ended up supporting the bill establishing TARP last 
October, I was under no illusions about whether a bailout of the 
financial services industry would actually work to prevent an economic 
collapse.
  Even though we had included a number of critical improvements in the 
bill to ensure accountability and transparency and protect the economic 
security of all individuals, not just corporations on Wall Street, the 
intent of Congress was ultimately ignored by the Bush administration.
  As a result the TARP program as administered by President Bush has 
failed to stem the tide of foreclosures and has failed to track or 
explain how $350 billion of taxpayer money has been spent to date.
  That is why we are here today.
  The bill that Chairman Frank has developed would completely revamp 
the TARP program to ensure that funds are spent responsibly and 
transparently to help stabilize our economy and get credit flowing 
again. Most importantly, it would take significant steps to help 
Americans stay in their homes and ensure the continued availability of 
affordable housing.
  By passing this significant overhaul of the TARP program combined and 
with the commitment of President Obama to properly administer the 
program according to the standards articulated in this bill, we can 
help millions of individuals keep their homes while providing liquidity 
to credit markets and accountability to taxpayers.
  I want to thank Chairman Frank for his work on this bill, and for 
agreeing to accept an amendment that Congresswoman Waters, Congressman 
Meeks, and I offered to ensure that minorities and women-owned business 
are included in the contracting activity and use of TARP funds. I also 
want to thank and acknowledge the work of both my colleagues in 
crafting this important amendment.
  Among several objectives, the amendment that we offered would 
require:
  (1) The Secretary of the Treasury to establish an Office of Minority 
and Women Inclusion;
  (2) Each institution that receives TARP funds to develop and 
implement standards and procedures to ensure the inclusion and 
utilization of minorities and women-owned businesses in all business 
and activities, at all levels, including procurement, insurance, and 
all types of contracts; and
  (3) A detailed report to Congress by the Treasury Department 
describing the actions taken by the Office and each assisted 
institution to ensure the participation of minority and women owned 
business in all contracts related to the use of TARP funds, including a 
statement of the total amounts paid to third party contractors and the 
percentage of such amounts paid to minority and women-owned businesses.
  In making sure that minority businesses and woman-owned business are 
included as part of TARP activity, we are providing a level playing 
field for these businesses to compete and take part in the business 
activities of the Federal government.
  So I want to again thank Chairman Frank for accepting the amendment.
  In conclusion, although I believe that the Bush administration 
mishandled the TARP program, I believe we must act to provide President 
Obama and his economic team with the opportunity to utilize the 
remaining money to ensure that we keep homeowners in their homes.
  That is why I will vote in favor of this legislation.

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