Washington, DC – Today, Congresswoman Carol Shea-Porter voted to strengthen oversight of the Troubled Asset Relief Program (TARP). The measure was considered under the suspension of the rules and passed unanimously 423 – 0.
“I voted against TARP twice last year because I was concerned about its lack of oversight and accountability,” said Congresswoman Shea-Porter. “This bill strengthens TARP oversight and will help make sure that taxpayer funds are used in a responsible and transparent way.”
The bill broadens the authority of the Special Inspector General (SIG) to oversee the financial rescue program enacted last fall by the Bush Administration by:
- allowing the SIG to audit or investigate any action taken under the financial rescue law;
- giving the SIG authority to hire more auditors and investigators quickly;
- requiring Treasury to explain why any recommendations by the SIG are not followed; and
- mandating the SIG to report to Congress by September 2009 on how recipients of TARP funds are spending American taxpayer dollars.