Arizona lawmaker says accountability is essential
WASHINGTON – U.S. Rep. Gabrielle Giffords today voted to strengthen oversight and improve transparency of the Troubled Assets Relief Program, the federal effort to stabilize the nation’s economy.
“Accountability is absolutely essential to make sure the tax dollars of the American people are being spent responsibly,” said Giffords. “There should be no question concerning where these dollars are going or how they are being used.”
Giffords today joined a strong bipartisan majority this afternoon to add tough new oversight provisions to the Emergency Economic Stabilization of 2008. No member of the House voted against the measure.
The Arizona lawmaker also welcomed a statement by Treasury Secretary Timothy Geithner that the Obama administration is preparing to outline its plan to end the $700 billion Troubled Assets Relief Program, or TARP.
“Every taxpayer should be pleased that our investments not only achieved its intended goal of stabilizing the economy, but have already resulted in more than $70 billion being repaid,” Giffords said.
The legislation passed by the House today in a 421-to-0 vote requires the Treasury Department to assemble information from TARP recipients and bank regulators on a daily basis to determine if the funds are being used to promote healthy lending and maintain strong bank capital.
The Treasury would also have to provide the TARP Special Inspector General and Congressional Oversight Panel with updates on the status of funds distributed and create an electronic database so that oversight officials can track the status of fund distribution.
“It is crucial that the American people have the most comprehensive information available on how TARP money has been and continues to be spent,” said Giffords, who represents Southeastern Arizona. “This bill ensures that data is compiled into a single database that is consistent, standardized and accessible.”
In 2008, Giffords supported final passage of the Emergency Economic Stabilization Act. The act authorized $700 billion for the Treasury to purchase troubled assets from financial institutions and was signed into law by President Bush in October 2008.
The complexity of the institutions receiving TARP funds, combined with the volume and disparate nature of the information they report, have made it difficult to capture a comprehensive understanding of how the money is being used. In addition, data are housed in disparate agencies, systems and formats.
Numerous organizations supported passage of the Emergency Economic Stabilization Act including the United States Chamber of Commerce, the Project on Government Oversight, Taxpayers for Common Sense, the National Taxpayers Union, the Heritage Foundation and Americans for Tax Reform.