U.S. Representative Rick Larsen (WA-02) released the following statement after voting for the TARP Reform and Accountability Act (H.R. 384) to amend the Troubled Asset Relief Program (TARP) which passed the House today:
“This fall, I voted for the financial rescue package because the economic stakes we faced were serious, the need to act immediate and the threat to families and businesses dire. I continue to believe that passing the financial rescue package was the right thing to do and that it saved jobs and businesses that would otherwise have been lost.
“But while the TARP program helped avert catastrophe and saved some jobs and businesses, the Bush Administration has failed to help homeowners facing foreclosure and failed to provide the transparency and accountability taxpayers deserve. I am deeply troubled that no action has been taken to help struggling homeowners in spite of the fact that Congress empowered the Treasury Department to do so.
“As I have said before, stemming the tide of home foreclosures is critical to getting our economy out of this mess. In the Puget Sound area, the number of foreclosures continues to rise. Across Washington state, the number of families facing foreclosure has more than doubled since 2006.
“The TARP Reform and Accountability Act will improve the Troubled Asset Relief Program by requiring that the Treasury Department help our neighbors facing foreclosure, strengthen accountability and oversight, require detailed reports from recipients of financial rescue funds and ensure that those funds be used to increase the flow of credit in our economy.
“Moving forward, Treasury must hold financial companies accountable for full transparency and require them to use taxpayer money responsibly and in our economy’s best interest.
“President Obama and his Administration have pledged to restore accountability and transparency to the financial rescue program, help struggling homeowners and use the “full arsenal of tools available to us to get credit flowing again to families and business” so we can weather this economic storm.
“We cannot afford to tie President Obama’s hands as he addresses this economic crisis. Congress must give the Obama Administration the tools needed for the magnitude of the task at hand.
“I am confident that under President Obama’s leadership, the troubled financial rescue program will change course. But Congress must continue to provide strong oversight and demand accountability for our constituents.”
