TANNER, HOUSE VOTE TO RECOUP AIG BONUSES

WASHINGTON – The House of Representatives voted to recover $165 million in bonuses AIG gave some of its workers after the company received taxpayer rescue money. Congressman Tanner was an original co-sponsor of the bill, passed Thursday on a bipartisan vote, which imposes a 90% tax on bonuses from large companies that received taxpayer assistance under the Troubled Assets Relief Program of 2008.

“We, like taxpayers in Tennessee and across the country, are outraged that taxpayer money was used to reward under-performing executives,” Congressman Tanner had said in announcing his support for the legislation. “More than 70,000 workers in the 8^th Congressional District – almost 10% of the workforce – are out of work. Families in West and Middle Tennessee are struggling to find jobs and pay their bills. Our priority should be continuing to help these working families and not executives at AIG and other companies receiving taxpayer money.”

Congressman Tanner serves on the House Ways and Means Committee, which has jurisdiction over all tax policy.

Demanding Closer Scrutiny

Congressman Tanner has also demanded in writing that the Administration increase its oversight of companies receiving federal recovery assistance.

“Public confidence in our economic system can only be restored with real transparency and accountability,” Tanner and 93 Democratic colleagues wrote in their March 17 letter to Treasury Secretary Tim Geithner. “We are pleased to hear that President Obama intends to block the AIG bonuses and hope he will use any vehicle necessary to protect the American taxpayers’ interest. Our constituents deserve nothing less.”

Tanner, a founding member of the fiscally conservative Blue Dog Democrats, represents Tennessee’s 8th Congressional district in West and Middle Tennessee. He serves on the House Ways and Means Committee, where he chairs the Subcommittee on Social Security. Tanner also serves on the House Foreign Affairs Committee and as President of the NATO Parliamentary Assembly.

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Contact: Randy Ford, 202.225.4714