[Congressional Record Volume 155, Number 172 (Thursday, November 19, 2009)]
[Extensions of Remarks]
[Page E2821]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 THE TAXPAYER INVESTMENT PROTECTION ACT

                                 ______
                                 

                         HON. MARK STEVEN KIRK

                              of illinois

                    in the house of representatives

                      Thursday, November 19, 2009

  Mr. KIRK. Madam Speaker, with little more than the blink of an eye, 
the American taxpayers have lost $25 billion--with no transparency, 
accountability or justification.
  In December 2008, the Treasury Department loaned General Motors $13 
billion. In the spring, Treasury loaned GM another $6 billion. Days 
before GM declared bankruptcy, the Obama administration poured in 
another $30 billion--just in time to convert taxpayer loans to equity 
and take ownership of this American giant. All of these funds came from 
the Troubled Asset Relief Program--a bailout never intended for such 
purposes. As the Congressional Oversight Panel wrote last month, ``the 
use of TARP funds for the automotive industry raises questions 
regarding both presidents' authority to use these funds under EESA 
legislation and, more broadly, under the U.S. Constitution.''
  Last month, the ex-``Car Czar'' Steve Rattner, the Government 
Accountability Office and the TARP Congressional Oversight Panel 
independently estimated the taxpayers' $49 billion investment in GM to 
be worth about $25 billion. The government's ``Bridge Loan to Nowhere'' 
lost half of the taxpayers' money. This is only one company. The U.S. 
taxpayer owns debt and equity securities in other private corporations, 
including Chrysler ($12.5 billion), Citigroup ($45 billion) and AIG 
($41 billion). How much are taxpayers losing on nearly $100 billion 
invested in these struggling firms?
  Today, I introduce the ``Taxpayer Investment Protection Act,'' which 
sets a December 2010 deadline for the Treasury Secretary to divest the 
federal government's ownership of private firms. These TARP-funded 
government investments add to the Treasury's $12 trillion debt burden 
and put taxpayer funds at risk for greater loss. The time has come to 
protect the taxpayer from any more losses and set a timetable for 
withdrawal to get the government out of private business.

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