Published: 01-13-09
Senator to Incoming Administration: Before another check is written let’s see quantifiable results of initial $350 billion
WASHINGTON—U.S. Sen. John Cornyn a member of the Senate Budget Committee issued the following statement on the incoming Administration’s request to access $350 billion from the Troubled Asset Relief Program (TARP):
“Earlier today the incoming Administration asked for the authority to access the remaining $350 billion from the TARP. Without a report on quantifiable results from the initial $350 billion and a guarantee that greater transparency and accountability measures are in place so taxpayers can see how their dollars are being spent I will not support the release of the remaining funds.
I call on Administration officials—both outgoing and incoming – to draw back the dark veil of secrecy that is around TARP.
“TARP was intended to prevent further peril in our financial markets and help all American taxpayers survive the downturn and get back on their feet. But with a $1.2 trillion deficit now staring down on the American people taxpayers deserve better assurances that any more government spending either through the TARP or a $1 trillion spending bill being discussed will be used effectively.”
