Congressman Michael R. Turner, cosponsored bipartisan legislation to ensure increased transparency and accountability in the use of TARP funds.Congressman Michael R. Turner, cosponsored bipartisan legislation to ensure increased transparency and accountability in the use of TARP funds. TARP is the Troubled Asset Relief Program created as part of the $700 billion bank bailout passed by Congress, and opposed by Congressman Turner, in October of 2008.
One of the main reasons Congressman Turner opposed the bank bailout bill was because it failed to provide sufficient oversight and accountability of taxpayer money being given to troubled banks. During the original debate of the legislation, Congressman Turner said, “I believe that making the wrong choice today places a risky and heavy burden on taxpayers. Any legislation we bring forward must hold the right people accountable and prohibit the bad lending actions that led to this crisis.”
The TARP Accountability and Disclosure Act is designed to help repair some of the lack of accountability in the original bank bailout bill. The legislation being introduced will require the creation of a database enabling the analysis and monitoring of how the TARP funds are being used by the recipient banks. It will require that all relevant TARP data, from both government and third-party sources, be collected by the Department of Treasury and be put into a consistent and standardized format, making TARP funds more transparent and traceable. The database will also allow the Treasury to monitor inconsistencies in near real time, alerting officials to the misuse of funds at both the corporate and individual officer level.
Congressman Turner said, “I am committed to holding these lenders accountable and to finding solutions that provide real help to both our economy and to American taxpayers.” Congressman Turner believes that this legislation is a good first step towards achieving that goal.