PRESS RELEASE

Capuano Calls on President Obama to Create Jobs with TARP Funds

Sends Letter to the President Urging Action

November 16, 2009

Representative Mike Capuano today called on President Barack Obama to use the remaining funds from the Troubled Asset Relief Program (TARP) to create jobs.

In a letter to the President, Rep. Capuano noted that the unemployment rate is at a "26 year high" and asked the President to "direct the remaining TARP funds towards projects that put more Americans back to work." With $210 billion in TARP funds currently unspent, and another $50 billion expected to be repaid in the next year, Rep. Capuano urged that these funds should be used for job creation.

"TARP was established to address the financial crisis," state Rep. Capuano in his letter. "I do not believe we can reasonably say that the job of TARP is complete."

--

Contact: Jon Lenicheck (617) 621-6208