December 9th, 2008 - Washington, D.C. - Senator Norm Coleman today praised the Senate’s confirmation of Assistant U.S. Attorney Neil Barofsky as Special Inspector for the Troubled Assets Relief Program (SIGTARP).
“With Treasury having already committed nearly $350 billion of taxpayer dollars to respond to the financial crisis, the confirmation comes not a moment too soon for U.S. taxpayers,” said Coleman. “I look forward to reviewing the work of SIGTARP and promptly working with my colleagues to address any problems he may uncover.”
In keeping with his commitment to protect the American taxpayers’ dollar, Senator Coleman also announced his support for legislation providing stronger oversight and accountability measures. Senator Coleman has become an original cosponsor of legislation introduced by Senators Claire McCaskill (D-MO) and Chuck Grassley (R-IA) expanding SIGTARP’s oversight authority. The bill also provides SIGTARP with expedited hiring authority and requires SIGTARP to report to Congress on July 1, 2009 on the use of TARP funds.
In addition, Coleman is cosponsoring the Accountability for Economic Rescue Assistance Act. Introduced by Senators Diane Feinstein (D-CA) and Olympia Snowe (R-ME), the bill would put in place a series of corporate governance and accountability measures for companies receiving financial aid from the Treasury Department or the Federal Reserve. Specifically, the bill would:
· prohibit firms receiving economic assistance from Treasury or emergency loans from the Federal Reserve from using such funds for lobbying or political contributions;
· require that firms receiving assistance provide detailed, publicly available quarterly reports to Treasury outlining how federal funds have been used;
· restrict firms receiving federal assistance from wasting money on unnecessary expenditures; and,
· establish penalties of at least $100,000 per violation for firms failing to meet the bill’s corporate governance standards.
“The importance of strong transparency and accountability measures cannot be overstated,” said Coleman. “With trillions of dollars at stake, companies receiving taxpayer support should not be using them to fund lobbying or other political activities or on unnecessary expenses like lavish retreats. It is my hope Congress will act as quickly as possible on these bills to better protect the American taxpayer.”
Contact(s):
Leroy Coleman, (202) 224-5641
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