WASHINGTON – U.S. Rep. Diana DeGette (D-CO) released the following
statement regarding her support for the Troubled Asset Relief Program
(TARP) Reform and Accountability Act passed overwhelmingly by the House
yesterday:
“When I voted for the original disbursement of TARP funds, I fully
expected the Bush Administration to comply with the tough
accountability measures in the bill. Unfortunately, the Bush
Administration’s Treasury Department mismanaged the funds, and has
refused to explain how $350 billion of taxpayer money was spent. But,
with the new Obama Administration, we begin a new era of accountability
and transparency. That is why I voted yesterday to make clear that we
will have tough standards to ensure that taxpayer money is spent
responsibly.
“The TARP Reform and Accountability Act will provide at least $100
billion to help homeowners avoid foreclosures, help ease the credit
crunch for workers and small businesses, and end golden parachutes for
executives whose banks receive TARP assistance.”
In a letter to Congress, the Obama Administration set out similarly
strict accountability and transparency plans for restructuring the use
of the remaining TARP money.