Congress: Shut Your TARP

Senator Frank Barney - a major advocate of Government waste.

Senator Frank Barney - a major advocate of Government waste.

CCAGW this month expressed strong opposition to the release of the second $350 billion tranche of the $700 billion Troubled Asset Relief Program (TARP).  President Barack Obama and many in Congress had demanded the distribution of the second phase of TARP, albeit with additional, purportedly tougher regulatory strings attached.  Both the establishment and the implementation of the program have been the subject of scathing criticism.  The Associated Press reported in December, 2008 that recipient banks were refusing to divulge how they used the money.  Until recently, the Treasury Department balked at releasing a list of the financial institutions that had received TARP funds.  “TARP was an atrocious gamble in the first place and the taxpayers ended up on the wrong side of that bet,” said CCAGW President Tom Schatz.  Read more about the trouble with TARP.

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Published in: on February 6, 2009 at 12:00  Leave a Comment  
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