TylerPaper.com - Feds Must Have Strong Stimulus Watchdog Plan

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TylerPaper.com - Feds Must Have Strong Stimulus Watchdog Plan

Let's face it, the government's track record on accountability for bailouts and stimulus dollars isn't great. There's still confusion -- and worse, stonewalling -- about where TARP funds have gone and what they've been used for.

President Barack Obama has pledged a high level of transparency and accountability for the $787 billion stimulus package passed last month; he's tapped Vice President Joe Biden and former Secret Service inspector Earl Devaney to act as watchdogs over the spending.

Nevertheless, it's encouraging news that Republicans in Washington have formed their own oversight group, as well.

U.S. Sen. John Cornyn and U.S. Rep. Jeb Hensarling will both participate in a Senate-House Fiscal Responsibility Working Group announced last week. The group will monitor "for any signs of waste, fraud, and abuse and bring these to the attention of Congress, the Administration, and the American people."

Cornyn says he hopes for the best, and adds that accountability is vital to the stimulus package's success.

"The stimulus was signed into law and the funds are already making their way to the states," Cornyn said last week. "While I did not vote for the plan, it is now public law and it will use billions of Texas taxpayer dollars. The economy must be revived, and I want this plan to work. But in order for it to work, we must hold those responsible for distributing the funds accountable. "

He and others fear the administration won't go far enough to ensure compliance with the rules of good governance and responsible spending.

"The President has told mayors he will 'call them out' if they are wasteful with the stimulus funds they receive," Cornyn notes. "Vice President Biden, who has been tasked with overseeing the implementation of the stimulus, has said he will be 'a bit of a pain in the neck' and will use the media to 'embarrass them for not doing what they're supposed to.' Frankly, this slap-on-the-wrist approach to monitoring the implementation of more than $1 trillion in taxpayer dollars is a far cry from the kind of accountability Texas taxpayers are expecting."

There's too much money -- and the nation's financial future -- at stake, Cornyn says.

"It would be foolish to sit back and cross our fingers, hoping that every agency and entity across the country is going to behave responsibly and spend these funds fairly, or to expect they even have the manpower needed to carry out the distribution of the funds," he says.

The federal government's experience with the TARP funds shows the need for more attentive watchdogs.

"The working group my colleagues and I are launching today will aggressively oversee how taxpayer dollars are being spent and not only identify instances of waste or abuse, but call for Congressional hearings and action to root out abuse and correct it," Cornyn says. "It is our hope this group will help to ensure the stimulus funds are being disbursed for initiatives that will have a direct, positive effect on the health of our nation's economy."

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