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WALZ VOTES AGAINST RELEASING SECOND HALF OF WALL STREET BAILOUT FUNDS
Walz says lack of accountability and proof the program is working led him to oppose $350 billion bailout package
For Immediate Release
January 22, 2009
Contact: Meredith Salsbery
507-388-2149
WASHINGTON D.C. — Today, Congressman Tim Walz voted against releasing the second $350 billion installment of Troubled Assets Relief Program (TARP) funds to the Treasury Department. Walz voted in favor of a resolution (H.J.Res.3) to block the release of any more money for the TARP provisions of the Emergency Economic Stabilization Act, also known as the Wall Street Bailout
Walz voted against the Wall Street bailout twice last year and said that his vote today against releasing any additional money was due to a lack of evidence that the program was working.
“We’ve seen so little evidence that the first $350 billion Wall Street bailout has worked that I cannot in good conscience vote to release more money,” Walz said. “Without knowing whether this money is actually doing any good, I can’t justify putting one more dollar at risk or handing it over to a bank that won’t use it as Congress intended.”
The original legislation that created the TARP last year required Congress to vote to block the funding, or it would be automatically released. Although the House voted today to block the release of funds, the Senate did not, which means that the funds will be released to the Treasury Department.
Yesterday, Walz included an amendment in a separate bill to reform the TARP program. The Walz amendment requires the Treasury Department to publicly post information on the internet detailing how banks and other financial institutions used their share of taxpayers’ money in the Wall Street bailout. These reports must be made not less than quarterly.
“I do not believe the TARP program is effective, but the best I can do for the taxpayers who are footing the bill is to ensure that there is as much transparency and accountability as possible so we’ll know where our tax dollars have gone and whether they’ve done any good,” said Walz. “My amendment will make this program more transparent by making that information available to anyone with access to a computer.”
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