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.