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Mr. HIMES. Mr. Chairman, I rise today in support of H.R. 384, a bill to reform the TARP program.
Let us be absolutely clear, had our markets functioned, had our regulators done their job, had our leaders been sufficiently vigilant, neither the TARP program nor its reform would be necessary. But extraordinary times demand extraordinary measures.
Four months ago, the TARP was deemed necessary. Yesterday, in committee, we heard from a long line of experts who urged us to grant the new President authority to use the remainder of the TARP funds. On this question, perhaps people of good faith may disagree, but there can be no disagreement that if those funds are to be authorized, this House has an obligation to oversee their use.
We owe it to the American taxpayer to closely watch how their money is used and to assure that it is neither wasted nor used for private benefit. This bill, at great long last, offers that assurance.
As importantly, there can be no disagreement that after providing relief to industry after industry, it is time to get to the heart of the matter: American moms, dads, and children, and the homes that they live in. This bill, none too soon, mandates and funds a national comprehensive foreclosure relief plan that will finally address the root cause of this crisis, the housing problem. As the saying goes, better late than never.
When the sun goes down today, another 7,000 American families will have lost their home. The same will be true tomorrow. We cannot delay. We must act to save the very core of the American Dream.
I commend Chairman Frank for his leadership on this bill, and I urge my colleagues to stand for smart oversight and for the beleaguered American homeowner.
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