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TARP Reform and Accountability Act of 2009

Floor Speech

Date: Jan. 15, 2009
Location: Washington, DC
Issues: Finance and Banking Government Budget and Spending


TARP REFORM AND ACCOUNTABILITY ACT OF 2009 -- (House of Representatives - January 15, 2009)

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Mr. ELLISON. Let me thank Chairman Frank for bringing this critical legislation to the floor.

When Congress passed the emergency financial services rescue package last fall, we included specific provisions to help distressed homeowners. Unfortunately, the Bush administration decided to help out Wall Street with these funds while ignoring the needs of Main Street.

The fact is that this piece of legislation, carefully crafted and now working with an amenable and a cooperative administration, is in a much better position to meet the needs set forth in the original legislation, which is to help homeowners. The bill requires at least $40 billion, but no more than $100 billion, be used to help distressed homeowners.

Finally, I am excited to report that there is a measure that I authored with other Members which provides reasonable protections for bona fide renters, which is something I'm very happy about. I am pleased to be able to support this legislation today.

Again, Mr. Chairman, let me thank our very able chairman on this piece of legislation so we can get our country back and moving again.

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