DeGette Statement On TARP Reform Bill

WASHINGTON – U.S. Rep. Diana DeGette (D-CO) released the followingstatement regarding her support for the Troubled Asset Relief Program(TARP) Reform and Accountability Act passed overwhelmingly by the Houseyesterday:

"When I voted for the original disbursement of TARP funds, I fullyexpected the Bush Administration to comply with the toughaccountability measures in the bill. Unfortunately, the BushAdministration's Treasury Department mismanaged the funds, and hasrefused to explain how $350 billion of taxpayer money was spent. But,with the new Obama Administration, we begin a new era of accountabilityand transparency. That is why I voted yesterday to make clear that wewill have tough standards to ensure that taxpayer money is spentresponsibly.

"The TARP Reform and Accountability Act will provide at least $100billion to help homeowners avoid foreclosures, help ease the creditcrunch for workers and small businesses, and end golden parachutes forexecutives whose banks receive TARP assistance."

In a letter to Congress, the Obama Administration set out similarlystrict accountability and transparency plans for restructuring the useof the remaining TARP money.