Brownback Co-Sponsors TARP Disclosure and Accountability Act

Press Release

Brownback Co-Sponsors TARP Disclosure and Accountability Act

Will increase transparency regarding money spent under the Troubled Assets Relief Program

U.S. Senator Sam Brownback today co-sponsored S. 910, the TARP Disclosure and Accountability Act, legislation which would increase the transparency of the Troubled Assets Relief Program. TARP allows for the Treasury Department to direct $700 billion to assist or insure troubled industries such as banks, insurance companies and automobile manufacturers.

"I voted against the original TARP legislation partly because it gave the government too much money with too little oversight," said Brownback. "Vast amounts of TARP money, billions of dollars, are uncounted for or are not easily monitored. The TARP Disclosure and Accountability Act would set up a tracking system and an information clearing house to allow for greater transparency of the use of TARP funds. It's critical that the American people are able to see their tax dollars in action or inaction and be able to judge for themselves if the government is being responsive and responsible with billions of their dollars."

S. 910 would establish a centralized, public database showing where and how the TARP funds are being spent. The database would provide up-to-date information accessible to taxpayers, government agencies, and watch-dog groups.

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