Today, Congressman Leonard Lance (NJ-07) lent his voice of support for a proposal to terminate the Troubled Asset Relief Program (TARP) and prohibit the controversial program from being used for additional federal bailouts.
"The TARP law was meant to provide a one-time infusion of funds raised to help stabilize a financial system on the brink of failure. Yet some in Washington see the TARP as a slush fund for more spending," Lance said on the floor of the House. "Acting to terminate the TARP and TARP-related programs once and for all will protect taxpayers from future loses and provide some certainty that the remaining funds will not be used for future Washington bailouts."
Since coming to Congress, Leonard Lance has been one of Congress' leading voices in the effort to shut down the TARP and ensure that any remaining funds be used for deficit reduction.
As a member of the House Financial Services Committee Lance has voted five times to protect taxpayers from misuse of the TARP fund.
During debate of the president's financial regulatory reform legislation Lance sought to offer an amendment that would have allowed the TARP program to expire, ensured any funds recovered under the TARP program would go directly toward debt reduction, and prevent the Treasury Secretary from using TARP funds in any way that would increase the deficit. The Lance amendment was rejected by the congressional Democratic leadership and not allowed to be debated on the floor of the House of Representatives.
And the first-term Congressman is a cosponsor of legislation (H.R. 2119) that would require the U.S. Treasury to apply repaid TARP funds to debt reduction.
CLICK here to watch Lance's speech.