Don't recycle TARP money, Hatch says

Published: Thursday, June 11, 2009 9:01 p.m. MDT
 |  E-MAIL | PRINT | FONT + - 

Sen. Orrin Hatch, R-Utah, wants to ensure that financial company bailouts do not become a perpetual part of the federal government.

So he introduced a bill Thursday with Sen. Blanche Lincoln, D-Ark., that would ban using money that is repaid to the Troubled Asset Relief Program from being put back into that program to bail out others.

Instead, it would require that paid-back money be put into the general fund to help pay down the nation's debt.

"TARP has become a revolving fund for the Treasury to nationalize our nation's private sector by using taxpayer money to acquire banks, insurance companies and auto manufacturers," Hatch said.

"When TARP was signed into law last fall, it was authorized to purchase up to $700 billion in toxic or troubled assets from financial institutions to restore liquidity to the system. Unfortunately, it is now being used as a go-to solution to address all of our nation's economic ills," he said.

Instead of just being used to help the financial sector, Hatch complained taxpayers are now "being required to bail out any company deemed 'too big to fail.' "

Hatch said, "It is time for Congress to ensure that TARP is used for its intended purpose and to require any money repaid to the Treasury Department to be returned to the general fund."

Story continues below

E-MAIL: lee@desnews.com

Recent comments

Recycling of these funds to continue spending does seem a waste. But...

Hatch is right, but... | June 12, 2009 at 4:43 a.m.

Hatch sounds like the kid who helped run up the huge credit card...

Kelvin | June 11, 2009 at 9:39 p.m.

previousnext

Latest comments

STOP blaming the Democrats, BLAME THE REPUBLICANS FOR 8 YEARS DOING NOTHING...

The best way to break the law is to become someone who enforces the law.

It's a real shame so many folks have never gotten out and gotten to know the...

It's all talk... you do not have any evidence for your claims. You assume...

Maybe if you could bat .408 in the major leagues, you too would be paid a...

I prefer the “Wizard of Earthsea” quartet by Ursula Le Guin, an...

Water wars in Snake Valley

The bottom line question that no one can possibly answer is; what will be the...

It looks to me like special treatment.

Jazz will have a tough week, with what should be a easy win against the...

I am very excited for this game. As much as I want the Utes to win, it won't...

Advertisements
Advertisement