U.S. Representative Mike Turner today announced the House of Representatives approved H.R. 1242, legislation to amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Assets Relief Program. H.R. 1242 passed the House Wednesday evening by a 421 to 0 vote.
U.S. Representative Mike Turner today announced the House of Representatives approved H.R. 1242, legislation to amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Assets Relief Program. H.R. 1242 passed the House Wednesday evening by a 421 to 0 vote.
H.R. 1242 calls for increased transparency and accountability monitoring and accountability of the Troubled Assets Relief Program (TARP). The bill addresses many of the concerns Americans have raised regarding how taxpayer dollars have been used to bailout banks and other financial service corporations. The bipartisan legislation calls for increased transparency from financial institutions receiving TARP funds. H.R. 1242 requires enhanced reporting where the bailed-out banks and other entities are lending TARP funding and the value of all the assets the Treasury Department has accumulated as a result of TARP.
“The lack of transparency and monitoring the use of taxpayer dollars to bailout Wall Street was one of my objections in voting against the Troubled Assets Relief Program. The Administration has yet to answer many of the concerns raised by the American people on the use of TARP funds,” said Rep. Turner, an original co-sponsor of H.R. 1242. “During this troubling economic period, the federal government must take the necessary steps to ensure there is no fraud or misuse of TARP funds. This bill further empowers Americans with greater access to monitor Washington’s use of their tax dollars.”