[Congressional Record Volume 155, Number 15 (Monday, January 26, 2009)]
[Extensions of Remarks]
[Page E140]
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. BETTY McCOLLUM

                              of minnesota

                    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.

  Ms. McCOLLUM. Mr. Chairman, I rise today to express my support for 
the TARP Reform and Accountability Act (H.R. 384). I thank Chairman 
Frank and the House Leadership for their hard work on this legislation, 
which brings focus, accountability, and transparency to the 
implementation of the Troubled Asset Relief Program, TARP, to make it 
an effective tool to stabilize and revive our economy.
  Our country faces the bleakest economic forecast since the Great 
Depression of the 1930s. Today, millions of Americans are struggling to 
find jobs, keep their homes, and pay their bills. Last fall, to prevent 
the collapse of our financial markets, the 110th Congress swiftly 
passed the Emergency Economic Stabilization Act (EESA). With this 
measure, Congress entrusted the Bush administration's Treasury 
Department with $350 billion from the Troubled Asset Relief Program to 
purchase bad debt--including mortgages--from financial institutions in 
order to thaw credit markets and increase confidence in the financial 
system. Unfortunately, in implementing the TARP, the Bush 
Administration failed to address housing foreclosures, resume the flow 
of credit, or perform oversight of financial institutions receiving 
assistance under the TARP.
  As the 111th Congress considers releasing an additional $350 billion 
in TARP funds to the Treasury Department under the Obama 
administration, we must be assured the additional money will be spent 
responsibly and transparently.
  The TARP Reform and Accountability Act addresses fundamental flaws in 
the implementation of ``TARP I'' by closing loopholes and enforcing 
strict accountability and transparency. The act ensures that TARP funds 
aid American families at risk of losing their homes as originally 
intended by Congress by mandating foreclosure relief and making 
improvements to the Hope for Homeowners program. In addition, stringent 
executive compensation limits for all past and future TARP assistance 
will prevent taxpayer dollars paying for corporate bonuses.
  Once again, I thank Chairman Frank for his leadership and urge my 
colleagues to join me in supporting this important, timely legislation.

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