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Frank: Spend TARP profits before taxpayers can get them

Old 07-02-2009, 03:49 PM
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Frank: Spend TARP profits before taxpayers can get them

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When President Obama announced on June 9 that some financial institutions would be allowed to repay Troubled Asset Relief Program dollars, he said the massively expensive TARP bailout had made money for the federal government. "It is worth noting that in the first round of repayments from these [TARP recipients], the government has actually turned a profit," the president said. Indeed, TARP supporters have long held out the hope that the program might be profitable...

...The original TARP legislation required that money made from the program "shall be paid into the general fund of the Treasury for reduction of the public debt..."

...Frank, however, wants to spend the money before it can be used to pay down anything. First, the "TARP for Main Street" proposal would take $1 billion "from dividends paid by financial institutions that have received financial assistance provided under…the Emergency Economic Stabilization Act" and apply it to a trust fund that Frank has long wanted to create for low-income rental housing. (The measure, unfunded, was part of last year's bailout of Fannie Mae and Freddie Mac.) Next, Frank would take $1.5 billion from TARP dividends for a so-called "neighborhood stabilization" fund.
And who will benefit from this money?

...Republican critics have charged that both measures might allow federal dollars to be distributed to activist groups like the Association of Community Organizers for Reform Now, or ACORN.
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Old 07-02-2009, 04:07 PM
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Old 07-02-2009, 05:31 PM
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