WASHINGTON – Congresswoman Lynn Jenkins made the following statement after participating in a hearing focused on accountability in the Troubled Assets Relief Program (TARP), the $700 billion bank bailout Congress passed last October.

“Since last February the federal government has committed to use upwards of $7.8 trillion of taxpayer money to bailout financial institutions or to “stimulate” the lagging economy. Here we are one year later with nothing to show for it. Americans have been forced to tighten their belts and change their behavior.  Hard-working Kansans deserve to know how their money has been spent.

“Times are tough, and Congress has had to act quickly making tough policy decisions. The challenging circumstances do not give government a blank check. These times call for increased accountability, transparency and scrutiny before throwing billions of hard-earned taxpayer dollars at programs that might not even address the root of the problems.

“Yesterday, Treasury Secretary Geithner announced that the Administration has a plan to repair the financial system, including the final distribution of TARP funds. Unfortunately, his proposal lacked any details and fails to provide any guidance as to how the plan would actually work. What’s more, even though the government has not asked for more money, President Obama said Monday night he would not rule that possibility out.

“The Administration needs to clearly outline an exit strategy for government intervention in the private financial sector. Before another taxpayer dollar is spent on the TARP or another bailout program, we must have strong oversight of the program and a plan to pay the American taxpayers back.”