Published: 01-14-09
WASHINGTON D.C. – Today Congressman Mike Conaway (R-TX) made the following statement after President Bush made the announcement that he would request the second half of the Troubled Assets Relief Program (TARP) funds at the request of President-elect Obama:
“The federal government’s role in addressing the contracting economy must be subjected to vigorous debate in Congress. I will not support efforts to release any further funds under the TARP program. There is no doubt that our economy is still going through hard times and those hard times will continue.
I have expressed my concern to Federal banking regulators that proper regulation is occurring and to make certain that banks who received TARP funding do not withhold credit to the American people due to a misinterpretation of regulatory oversight.”
Congressman Conaway agreed to cosponsor a joint resolution of disapproval developed by Congresswoman Virginia Foxx (R-NC) which will be considered under expedited rules on the House floor. If the resolution passes both the House and Senate it will be sent to the President’s desk where he can then veto it. Congress must immediately vote to override the veto within 15 days in order to halt the release of the additional TARP funding.
