[Congressional Record Volume 155, Number 44 (Thursday, March 12, 2009)]
[House]
[Page H3378]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        TRACKING THE TARP FUNDS

  (Mr. KUCINICH asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KUCINICH. Yesterday, our Domestic Policy Subcommittee held a 
hearing about how the Treasury Department has accounted for TARP funds. 
The taxpayers of the United States have already paid $700 billion of 
their tax money into this bailout program. We found out that the 
Department of Treasury doesn't track the funds after they give them to 
the banks and, as a result, we have seen that, of these funds that were 
supposed to go to help the U.S. economy, $8 billion has gone through 
Citigroup to Dubai; $7 billion through Bank of America to China; $1 
billion through JPMorgan Chase to India.
  I want the American taxpayers to think about that because with all 
the pressing needs we have here with the people who are starved for 
credit--businesses are dying because they can't get loans from banks--
banks are taking our tax dollars and they're shipping them abroad.
  It's time that we started to take care of things here at home. It's 
time that we started to ask the Treasury Department to keep track of 
these TARP funds and make sure that they're intended for the purpose 
that the American people want them to be spent for, and that is revive 
our American economy.

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