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McHenry Statement on Fifth Anniversary of TARP

Statement

Date: Oct. 3, 2013
Location: Washington, DC
Issues: Finance and Banking

Congressman Patrick McHenry (NC-10), Chairman of the Financial Services Subcommittee on Oversight and Investigations, marked the fifth anniversary of the passage of the Troubled Asset Recovery Plan [TARP] today with the following statement:

"Five years ago, our financial system was brought to its knees, and Washington responded by bailing out some of nation's largest financial institutions. The Democrat-controlled Congress passed Dodd-Frank and declared that the problem was fixed.

"Except it's not. Dodd-Frank did not end "Too Big to Fail,' it enshrined it into law. A series of hearings in my subcommittee on ending bailouts has shown that the provisions in Dodd-Frank create perverse incentives for creditors while crippling community banks, endangering taxpayers, and undermining a truly fair and open market.

"We must fix Dodd-Frank, allow firms to go bankrupt, and get the taxpayer off the hook to ensure that the federal government no longer provides bailouts to financial institutions."


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