CONGRESSWOMAN MARY BONO MACK PROUDLY SERVING CALIFORNIA'S 45TH DISTRICT

BONO MACK CALLS FOR TARP HEARINGS, REQUESTS TESTIMONY FROM CEOs

	Related Documents Letter to Pelosi and Frank regarding accountability for use of TARP funding

Washington, Dec 10 - Emphasizing the importance of transparent and accountable distribution of economic rescue funds, Congresswoman Mary Bono Mack (CA-45) today joined 82 of her colleagues in sending a letter to Speaker Nancy Pelosi (CA-08) and Financial Services Committee Chairman Barney Frank (MA-04) to request that CEOs from institutions receiving taxpayer funds through the Troubled Asset Relief Program (TARP) be called before the Financial Services Committee to answer questions about their use of TARP funds.

“American taxpayers deserve to know how their hard-earned money is being spent,” said Bono Mack. “Under the Troubled Asset Relief Program, the Treasury Department has distributed hundreds of billions of dollars to aid U.S. financial institutions; CEOs from TARP participants should be brought before Congress to explain their need for – or use of – the funding they have received, just as CEOs of the Big 3 auto companies have done in recent weeks. This is essential to ensuring greater accountability and protection of taxpayer dollars.”

Specifically, the Treasury Department has allocated – or made commitments to allocate – approximately $335 billion to a wide range of U.S. financial institutions, including $40 billion to prevent the failure of American Insurance Group (AIG) and a total of $50 billion in capital and loss protection to Citigroup. However, none of the Chief Executive Officers from TARP participants has been called to testify before the Committee on Financial Services regarding the funding they have received.

NOTE: A total of 83 House Republicans, including the entire leadership team, signed the letter. The signed letter is available here.

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