Washington, D.C. —
Senator John Thune today highlighted a report on the Troubled Asset Relief Program (TARP) by the Congressional Oversight Panel that criticizes the program for overreaching and questions how the government program will divest itself of private businesses in the future. Over the last year, Senator Thune has worked to end TARP and create an exit strategy for the unprecedented level of government ownership in private business.
“This report details how American taxpayers own billions of dollars worth of private assets with the Treasury Department having no clear plan for how to sell them,” said Thune. “TARP should be ended, the assets should be sold, and the proceeds should be used to improve our dangerous fiscal situation. The Obama Administration passed on a chance to end TARP late last year, but I will continue to push for a plan to get the American taxpayer out of the current quagmire created through the Administration’s handling of TARP.”
Senator Thune led an effort to prohibit the Treasury Secretary from extending TARP beyond December 31, 2009, but that was blocked by Senate Democrats. Last summer, Senator Thune introduced the Government Ownership Exit Plan (S. 1242), which would require the federal government to divest itself of all ownership interests in private companies acquired through TARP with the proceeds going to debt reduction.
Next week, the Senate will consider a House-passed measure (H.J. Res. 45) that would raise the nation’s debt ceiling by $635 billion to $13.029 trillion. As part of the agreement to take up the debt limit increase, the Senate will vote on a Thune amendment that would immediately end TARP and reduce the debt ceiling by any funds repaid through TARP assistance.
The Congressional Oversight Panel report criticizes the Treasury Department for having no clear plan to sell TARP assets. The full text of the report can be found at http://cop.senate.gov/documents/cop-011410-report.pdf.
“This report details how American taxpayers own billions of dollars worth of private assets with the Treasury Department having no clear plan for how to sell them,” said Thune. “TARP should be ended, the assets should be sold, and the proceeds should be used to improve our dangerous fiscal situation. The Obama Administration passed on a chance to end TARP late last year, but I will continue to push for a plan to get the American taxpayer out of the current quagmire created through the Administration’s handling of TARP.”
Senator Thune led an effort to prohibit the Treasury Secretary from extending TARP beyond December 31, 2009, but that was blocked by Senate Democrats. Last summer, Senator Thune introduced the Government Ownership Exit Plan (S. 1242), which would require the federal government to divest itself of all ownership interests in private companies acquired through TARP with the proceeds going to debt reduction.
Next week, the Senate will consider a House-passed measure (H.J. Res. 45) that would raise the nation’s debt ceiling by $635 billion to $13.029 trillion. As part of the agreement to take up the debt limit increase, the Senate will vote on a Thune amendment that would immediately end TARP and reduce the debt ceiling by any funds repaid through TARP assistance.
The Congressional Oversight Panel report criticizes the Treasury Department for having no clear plan to sell TARP assets. The full text of the report can be found at http://cop.senate.gov/documents/cop-011410-report.pdf.
