Press Releases

"I strongly opposed the bailout from the beginning and I oppose this attempt to facilitate the expenditure of TARP funds. The bill which passed the House today will expand the types of institutions that can receive TARP funds and increase the power of the Treasury to spend taxpayer funds with little accountability to the American people," said Bilirakis. "Congress should not release additional TARP funds without a clear strategy for deploying the remaining funds effectively and in a way that protects taxpayers."

The Amendment comes on the heels of a Congressional report indicating that the recent refusal of certain private financial institutions to provide any accounting of how they are using taxpayer money undermines public confidence.

"I am heartened that President-Elect Obama has called for bipartisanship as the development of economic stimulus legislation proceeds through Congress and I am encouraged that he has expressed his desire to provide substantial tax relief as part of this proposal." The letter said. "I believe my ideas should be part of any bipartisan effort to strengthen the economy."

H.R. 7276 requires Congress to vote on Treasury plans for utilizing the second $350 billion allocation available to the Secretary. The bill stipulates that no funds could be spent until after Congress passes a resolution that specifically approves of the Treasury's plan. Under the current law, the Treasury Department can spend funds without the approval of Congress.

"I could not ask my constituents to pay for this corporate bailout because it fails to fundamentally address the problems that caused the current credit crisis. The bill shifts debt and risk from the private sector to the federal government while freeing up lenders to continue engaging in the same risky practices that caused this problem.