Search: TARP

“A central requirement of the legislation which provided federal assistance to troubled financial institutions was that taxpayers — who granted hundreds of billions of dollars to the rescue effort – not only would be reimbursed as quickly as feasible, but also would receive a financial benefit for the risk they assumed. Recent reports appear to indicate, however, that some of these very institutions now intend to provide over $32 billion in bonuses to their executives while they still owe taxpayers over $200 billion.”

“Good afternoon. It’s a pretty exciting week for us. 44 years ago this week, Medicare was signed into law by President Lyndon Johnson. Here we are this week in committee about to move closer to health care reform than we have ever been in history — when we have our third committee report out the bill…”

“When Congress toughened the Bush Administration’s TARP financial rescue proposal last year, we insisted that financial institutions fully reimburse taxpayers–or if possible, reimburse with a profit — when stability returned to our financial system. These taxpayer protections are now bearing fruit.”

Today, the Oversight and Government Reform Committee held a hearing with testimony from Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP). When the Troubled Asset Relief Program (TARP) was created under the Emergency Economic Stabilization Act of… Continue

“The purpose of the legislation is to lower costs for individuals…”

The 111th Congress is off to a strong start, working with President Obama to take America in a New Direction, to turn our economy around and create good jobs, with common sense reforms and targeted investments in: affordable health care, clean energy… Continue

This afternoon, the President signed two bills the House passed this week – the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act. The Helping Families Save Their Homes Act(S.896) builds on the President's housing initiative, to provide… Continue

Mortgage fraud has reached near epidemic levels — with FBI mortgage fraud investigations more than doubling in the last three years. Corporate frauds, like the $65 billion Ponzi scheme perpetrated by Bernie Madoff, are being uncovered as the economy has worsened, exposing… Continue

“The Fraud Enforcement and Recovery Act will restore common sense to our mortgage lending industry and bring the highest standards of accountability and transparency to the use of taxpayer funds, preventing and prosecuting fraud in the use of TARP and economic recovery funds.”

“This bill takes action now to protect taxpayers by giving the Justice Department more tools to fight possible fraud in the use of TARP and economic recovery funds and in mortgage markets. Congress must protect taxpayers against future fraud that exploits economic assistance initiatives that are intended to restore and rebuild our economy.”