TARP Reform and Accountability Act passes House 260-166

Washington, DC – (January 21, 2009)  Congresswoman Eddie Bernice Johnson today voted for H.R. 384, the TARP Reform and Accountability Act, showing her support for legislation that will overhaul and improve the Troubled Assets Relief Program (TARP) provisions of the Emergency Economic Stabilization Act of 2008.  The measure passed the House by a vote of 260-166.

“Today’s TARP legislation will close loopholes in the program and make it truly responsive to the American people,” Congresswoman Johnson said.  “This bill requires banks to tell Congress how the money they have received is going to be used, and it mandates a commitment of at least $40 billion to foreclosure mitigation.  I believe we have taken an important step toward ensuring that the remaining TARP funds are used responsibly and effectively.”

The TARP Reform and Accountability Act requires banks that have received TARP money to make quarterly public reports on how the money is being used and places restrictions on executive compensation.  It also calls on the Treasury Department to commit $100 billion—and requires a commitment of $40 billion—to a comprehensive foreclosure mitigation plan, to be developed by March 15 and implemented by April 1.

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U.S. Representative Eddie Bernice Johnson is the highest-ranking Texan on the House Committee on Transportation & Infrastructure and a senior member of the Science Committee. She represents the 30th Congressional District of Texas, which, includes Downtown Dallas, Fair Park, Oak Lawn, Old East Dallas, Pleasant Grove, & South Oak Cliff; all of Balch Springs, DeSoto, Hutchins, Lancaster & Wilmer and parts of Cedar Hill, Duncanville, Ferris, Glenn Heights and Ovilla.