Pelosi Statement on Second Half of TARP Funds

Speaker Nancy Pelosi released the following statement tonight after the Senate voted today to allow the release of the second half of funds for the Troubled Asset Relief Program (TARP).

"The Senate has cleared the release of the second half of TARP, but now the process must ensure that there will be full accountability and transparency to the taxpayers and that substantial assistance will go to homeowners facing foreclosure. That was Congress’ original intent, which was ignored by the Bush Administration.

"President Obama has pledged to use these funds responsibly, consistent with the requirements in Chairman Barney Frank’s TARP Reform and Accountability Act, which the House will consider next week.

"With Chairman Frank’s legislation, Congress will ensure that financial institutions using taxpayer funds provide credit to consumers and small businesses, commit at least $100 billion for foreclosure mitigation, and end golden parachutes for executives of financial institutions receiving TARP assistance.

"At a time when workers are tightening their belts to cope with difficult economic times, the House bill requires that assistance be provided only to financial institutions that commit to lending to consumers and businesses, so that our economy can grow and create jobs again."