Carney: Bailouts Need Oversight

Press Release

CARNEY: BAILOUTS NEED OVERSIGHT

Congressman Christopher P. Carney issued the following statement after voting for both the TARP Reform and Accountability Act, which passed in the U.S. House of Representatives by a vote of 260 to 166, and TARP Funds Disapproval Resolution, which passed by a vote of 270 to 155: "I voted for the TARP Funds Disapproval Resolution because I could not, in good conscience, burden taxpayers with $350 billion dollars of further debt. The American people deserve a better explanation from the financial services industry as to where the $350 billion dollars from the first half of the bailout, which I did not support, have gone. "We were promised accountability when the first portion of bailout funding was released, but still have not received it. I voted against the bailout before because I was concerned about the lack of accountability, and I am voting for the TARP Funds Disapproval Resolution now because Wall Street has yet to provide the public with a clear plan of how they plan to spend an additional $350 billion dollars. "We do still need oversight of the federal bailout funds. That is why I voted in support of the TARP Reform and Accountability Act of 2009. This legislation would give significantly greater oversight of the federal dollars that have been loaned to financial services institutions since October 3, 2008, when Congress passed the initial bailout package. "We live in the greatest country in the world, one that was founded on principles of a free and fair market economy. Thus far, the bailout has relied too much on the U.S. Treasury to solve the problems that have been brought on by greed. Yes, we need to see trading and credit markets stabilized, but not by increasing the debt our grandchildren will shoulder."We can look to our community banks as an example: they are subject to stricter regulations than Wall Street behemoths and do not have nearly the amount of toxic debt that their larger counterparts incurred over the last few years. Our small banks went about things the right way because they have always been held accountable to a higher standard. "Congress has a role here, not by taking control, but by mandating and conducting oversight. The federal government should not be giving more money to bail out the financial services industry when it hasn't unfrozen the credit crunch or given our economy the boost it needs."

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