Capito Opposes Rush To Spend More TARP Funds

Statement

Capito Opposes Rush To Spend More TARP Funds

Rep. Shelley Moore Capito (R-WV) released the following statement after voting to oppose the release of additional financial bailout dollars through the Treasury Department's TARP program:

"This is déjà vu. Yet again we're being asked to approve hundreds of billions of dollars in government spending on a poorly-managed bailout," said Capito. "It may be called the Troubled Asset Relief Program, but the Treasury has yet to purchase any troubled assets. Instead we've seen West Virginia tax dollars evaporate as the Treasury bought stock and financed mergers."

"I opposed the original financial bailout because it was rushed upon us, with too little oversight for too much money. Now we're essentially being asked to do the same thing once again. That's not acceptable to me and it's not acceptable to West Virginia taxpayers who've opposed this bailout from the beginning."

Last week, Capito called for committee mark-ups and open debate on any legislation related to the TARP program in a letter from Republican leaders on the House Financial Services Committee to Rep. Barney Frank (D-MA), the committee's chairman.

"Before even considering whether to authorize additional funds, the American people deserve a full and open discussion about what form that oversight should take," Capito said at the time. "It's only appropriate that we use the committee process to ensure that we're protecting taxpayer dollars."

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