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Issue Position: Ending Wall Street Bailouts

Issue Position

Location: Unknown

Nearly two years ago, Brad Sherman led the effort to oppose the TARP, the big bailout for Wall Street. Unfortunately, TARP became law in late 2008. Last year, the Obama administration tried to get new authority to spend unlimited amounts to bail out banks in case of any new financial crisis. Congressman Sherman called this proposal "TARP on steroids" and led the successful effort to keep it out of the Wall Street Reform Act. In fact, Congressman Sherman worked successfully to include in the Act a provision, which terminated TARP, immediately returning $225 billion to the Treasury, and keeping these funds from being used for more bailouts.

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