OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Disapproval of Obligations Under the Emergency Economic Stabilization Act of 2008

Floor Speech

Date: Jan. 22, 2009
Location: Washington, DC
Issues: Business and Consumers Finance and Banking


DISAPPROVAL OF OBLIGATIONS UNDER THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (Extensions of Remarks - January 23, 2009)

Mr. Speaker, I rise in opposition to this resolution of disapproval and will vote no today so that Congress can continue working proactively with President Obama to get our fragile economy back on track.

Earlier this week, the House passed the TARP Reform and Accountability Act, which reflects criticism I share over how the first tranche of TARP funds has been administered and imposes significant transparency and accountability reforms on the use of TARP funds going forward.

However, if there is one thing economists across the country and political spectrum are now telling us, it is that inaction in the face of our current financial crisis is not an option. The Obama administration, and the reforms outlined in the TARP Reform and Accountability Act, now give us the opportunity to deploy this second tranche of TARP funds more wisely. We should do so.


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