ATLANTA (January 26, 2009) – A leader in the Georgia State Legislature is speaking out with his disappointment of the Federal government’s lack of accountability and oversight with the release of the second half of the $700 billion in the Troubled Asset Relief Program (TARP) funds. Senator Judson Hill (R-Marietta) is calling on Washington officials to be responsible, accountable and transparent with taxpayer dollars.
“If Congress was so frustrated with how funds are being implemented, why did they just write a blank check to the Obama Administration? This is quickly becoming the ‘TARP to Nowhere” funding program,” Said Hill. “Reed, Pelosi and the Obama Administration need to be held accountable for their use of taxpayer dollars. This sort of mismanagement is exactly why taxpayers don’t trust the government to do what’s fiscally responsible with their money.”
Prior to taking office, President Obama asked the Bush Administration to seek the release of the rest of the $350 million in TARP funds. Many Democrats and Republicans on Capitol Hill encouraged blocking the funds due to the lack of oversight and accountability over the empty promise and vagueness of “easing the housing crisis” and “rescue funds.” However, there was not enough dissent to prevent the release of the second half of the $700 billion funds. The measure passed in the Senate with a 52-42 vote.
Under the rescue legislation, the Treasury Department can use the money unless both the Senate and the House pass a resolution within 15 days that rejects Bush’s Jan. 12 request for the second $350 billion. If Congress voted to block use of the money, the president could veto the resolution.
A number of congressional leaders, including some Democrats and Republicans, have threatened to still block the funds — citing concerns that the Obama Administration must be much more explicit about what is going to be done with the second half of the appropriated TARP money. These concerns in part reflect criticism that spending of the first half of the TARP funds was badly mismanaged. A recent Gallup poll shows America’s displeasure with TARP mismanagement of funds with over 60% of those polled saying they want Congress to block the use of remaining TARP money unless details are provided on how the $350 billion dollars will be used. 12% of those surveyed wanted the funds blocked entirely while only 20% agreed with allowing the remaining money to be released.
“Americans deserve to know where their money is going and how it is being used. Obama ran his campaign on a platform of transparency. His administration must be clear on who receives TARP
Funding, and must set clear objectives and have a timeline for success. That’s real accountability,” said Hill.
Sen. Judson Hill serves as Chairman of Reapportionment and Redistricting Committee and the Republican Caucus Vice Chairman. He represents the 32nd Senate District which includes portions of Cobb and Fulton counties. He may be reached by phone at 404.656.0150 or by e-mail at judson.hill@senate.ga.gov.
PRESS RELEASE
For Immediate Release:
January 26, 2009
For Information Contact:
Raegan Weber,Director
Matt Colvin Communications Associate
matthew.colvin@senate.ga.gov
404.656.0028