January 21 – Congressman Zach Wamp issued the following statement regarding today’s passage of House Financial Services Committee Chairman Barney Frank’s Troubled Asset Relief Program (TARP) bill in the U.S. House of Representatives. The Frank bill would allow TARP funds to be used for an auto bailout and clears the path for the additional release of the $350 billion to the Treasury Department:

“The economic rescue plan has been bungled, mismanaged and is not being carried out the way that it was originally presented with extreme urgency to Congress. Many questions about the use of the first $350 billion remain unanswered.”

“We should learn from what has happened instead of giving Treasury more money to continue on a course that has not proven to stimulate the economy or protect taxpayer dollars. This is why I oppose releasing any additional TARP funds. The remaining $350 billion should not be released until there is a clear strategy for the effective use of the funds that also protects the taxpayers.”

“The Frank bill and release of additional TARP funds is not good for American taxpayers already hurting in the current economy. We cannot spend our way out of these economic challenges, but we should create jobs and lower the tax burden on working families.”