Crowley on TARP: "Reform is What the American People Deserve"
“Today, the House began consideration of legislation to strengthen the Troubled Assets Relief Program. Implementation of this legislation is urgently needed.
“Here’s why: Last week, AIG pulled back on a plan that would have cost taxpayers’ $93 million dollars. What prompted AIG not to cancel its proposal?
“Three phone calls. Unfortunately, the calls weren’t made by the Bush Administration – they came from me and Congressman Kanjorski.
“AIG is just one example. The Bush Administration has been asleep at the switch throughout our economic recovery efforts.
“They have failed to monitor the actions of the companies and banks that have received federal support through TARP;
“They have failed to place real caps on the excessive pay of corporate CEO’s who take taxpayer money; and
“They have failed to ensure taxpayer-loaned funds are being used wisely.
“Starting today our efforts to put our nation’s economy back on track will be taken in a new direction.
“With consideration of H.R. 384 and the start of the Obama administration, accountability and oversight will now govern TARP.
“After 8 years, it is a new beginning for our country. And, it couldn’t have come at a better time – on the same day Bank of America is seeking billions more in federal aid.
“Reform is what the American people deserve because it is their money on-the-line.”