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Washington, D.C., Jan 22, 2009 - Congressman J. Randy Forbes (VA-04) today supported H.J.Res. 3, a resolution to block the release of the remaining $350 billion in funds from the Wall Street bailout, known as the Troubled Asset Relief Program (TARP). The House passed H.J.Res. 3 by a vote of 270 to 155.

“The Emergency Economic Stabilization Act was created with a mechanism that would allow Congress to block the release of the second half of the funds if we felt the program was either mismanaged or inefficient.  As we’ve seen with the first $350 billion released through the TARP, there has been a severe lack of transparency and accountability in how the funds are being used.  We also continue to see that the model is not working – we still face a deteriorating economy, months after the initial funds have been spent,” said Forbes. “Taxpayers deserve diligent and responsible use of their dollars, and Congress has a responsibility to block the release of the remaining bailout funds to prevent further wasting of taxpayer dollars.”

On January 12, 2009, former President Bush requested the remaining $350 billion, setting in motion a 15-day timetable for disapproval from Congress established by the Emergency Economic Stabilization Act. If a joint resolution were enacted into law within the established timetable, the release of the final $350 billion in TARP funds would be blocked. Because the Senate failed to pass their version of a joint resolution, unless they consider H.J.Res. 3 through regular procedures the funds will be released by the Secretary of the Treasury on January 27, 2009.

Congressman Forbes voted against the Emergency Economic Stabilization Act, which authorized the $700 billion bailout, in September when it passed the House. For more information on Congressman Forbes’ work on economic issues, visit http://forbes.house.gov/issues/economy.htm.