Dreier Demands Transparency, Immediate Oversight of TARP

WASHINGTON, DC - Congressman David Dreier (R-San Dimas, CA), Rules Committee Ranking Republican, has joined with his colleagues in sending two separate letters concerning the lack of transparency in the operations of the Troubled Asset Relief Program (TARP) and the need to hold immediate hearings on the future of the program to protect taxpayers.

The first letter, addressed to Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, criticizes the failure of both agencies to clearly define the current mission of the TARP.  The letter expresses concern with the detrimental impact that this lack of direction is having on financial markets in the United States and outlines several questions that must be answered before the program can proceed.

The second letter, addressed to House Democratic Leadership, requests that the CEOs of institutions receiving funds from the TARP be invited to testify before Congress to immediately explain how taxpayer dollars are being used and the impact the program is having on the credit crunch.

“Congress must perform aggressive oversight of the TARP,” said Dreier.  “This program is part of a broader effort to restore confidence and liquidity in our financial markets.  We must receive assurances that the TARP is operating properly, as Congress intended, so that taxpayers can be protected and the economy can get back on track.”

To view a copy of the letter to Secretary Paulson and Chairman Bernanke, please click here.

To view a copy of the letter to House Speaker Nancy Pelosi and Financial Services Committee Chairman Barney Frank, please click here.

.