Washington, D.C.- Congressman Randy Neugebauer, Deputy Ranking Member of the Financial Services Committee, today introduced H.R. 7276 legislation to amend the Emergency Economic Stabilization Act of 2008.

“While I consider the Treasury Department’s decision to inject capital into our financial institutions through equity purchases was a much better use of the funds than purchasing troubled assets; it is clear the plans for these funds have changed significantly since the legislation was enacted. 

“I believe the federal government must be held accountable for the decisions made on behalf of the American taxpayers. The federal government cannot keep writing a blank check to our financial institutions in hopes of solving the current instability. Prior to allowing Treasury to use another $350 billion of the taxpayers’ money, I believe Congress must step back and evaluate the alternatives. Although stabilizing our markets is a priority, we must ensure a long-term solution that will allow the government an exit strategy.”

H.R. 7276 requires Congress to vote on Treasury’s plans for using the second $350 billion.  With this approach, no funds could be spent until after Congress passes a resolution that specifically approves of Treasury’s plan. Congress would have an up or down vote on the use of these funds.  Under the current law, the Treasury Department can spend funds without the approval of Congress.

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