Press Release from House Minority Leader John Boehner
Boehner Statement Opposing the Release of Additional Taxpayer Funds for TARP
GOP Leader: “I remain disappointed about the way TARP has been managed and how its resources have been spent over the last several months.”
Washington, Jan 12 – After President Bush announced that he would request the final $350 billion in Troubled Asset Relief Program (TARP) funds at President-elect Obama’s request, House Republican Leader John Boehner (R-OH) issued the following statement:
“I remain disappointed about the way TARP has been managed and how its resources have been spent over the last several months. From the outset, the program has been implemented with too little transparency and in a manner inconsistent with the way it was presented to Congress last fall. Until officials can present a clear plan to Congress – and, most importantly, to taxpayers – demonstrating how the expenditure of additional TARP funds will benefit our economy and making clear an exit strategy for getting the government back out of the private sector, it would be irresponsible for Congress to release the remainder of these resources. I will oppose the release of these taxpayer funds when the matter is considered on the House floor.”
NOTE: Boehner has written to Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke on several occasions raising questions about the implementation of TARP. On December 3, 2008, House Republican leaders sent a letter to Secretary Paulson and Chairman Bernanke, outlining concerns about the program’s lack of transparency to date. On October 29, 2008, Boehner wrote to Secretary Paulson expressing his concern with how some of the TARP funds were being utilized.