TARP Repayments

Floor Speech

TARP REPAYMENTS -- (House of Representatives - April 21, 2009)

(Mr. McCLINTOCK asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. McCLINTOCK. Mr. Speaker, many Americans have been shocked in recent days to learn that banks that are seeking to repay TARP money have been told that the Treasury will not allow them to do so. The taxpayers were promised that this money was to be used to buy up toxic assets and that it would be repaid to the Treasury as soon as humanly possible. Well, not a single toxic asset has been purchased, and now when several banks have attempted to return that money, they have been told the Treasury will not allow them to do so.

This is a travesty. Just a few weeks ago, many Members of this House in this Chamber reacted to the AIG bonus fiasco by saying, ``We want our money back.'' And yet when some banks have attempted to do exactly that, they have been turned away at the Treasury gates.

Mr. Speaker, today I have introduced legislation to require the Secretary of the Treasury to accept TARP repayments unconditionally and immediately when they are presented. I hope that I can count on the support of all of those in this House who promised their constituents that these funds would be repaid at the earliest possible opportunity.

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