Sen. Jim Bunning (R-KY) Rips Bush Administration for Abuse of Power

Press ReleaseWashington, DC
Friday, December 19, 2008

U.S. Senator Jim Bunning today issued the following statement calling the Bush administration’s decision to use money from the Troubled Asset Relief Program (TARP) to bail out the auto industry a gross abuse of power.

“It is a shame that the White House, Treasury Secretary Hank Paulson, and Fed Chairman Ben Bernanke have decided to violate the intent of TARP,” said Bunning. “Their decision today to use TARP funds to bail out the auto industry is a slap in the face to the American taxpayers and a gross abuse of power.

“These funds were never intended to be used to aid manufacturing companies. By law TARP is supposed to be used for buying up toxic securities in the market. That is how Secretary Paulson sold the plan to Congress and that is what President Bush signed into law. A month ago the White House and Secretary Paulson told us that they didn’t have the legal authority to do this. And Congress rejected the terms that President Bush is imposing under his plan to nationalize the auto industry.”