Joe Baca: “I rise in support of H.R. 384, the Troubled Assets Recovery Program Reform Act of 2008 and thank Chairman Frank for…”

“I rise in support of H.R. 384, the Troubled Assets Recovery Program Reform Act of 2008 and thank Chairman Frank for drafting this bill. In response to the minority leader, we're all very disappointed with this administration. We actually asked for accountability and oversight on this bill, but it didn't happen. The taxpayers want to know what happens to the $350-some billion, and we are all very much concerned how that money is used. That's why this bill has been redrafted--to make sure that we have the kind of accountability and oversight that needs to be in place. If we don't act, more and more people are going to suffer. That's why I wanted to thank Chairman Frank for supporting the amendments, especially on the intended protection credit union parity and then the original public/private partnership, which I offered in this legislation. Families in my district--and of course the minority leader also has family in his district--are suffering while the Nation's unemployment is at 7 percent and it's 10 percent in my district, and it's expected to climb up to 12 percent by the year 2010. The largest credit union in my district, Arrowhead, just closed 12 branches and reduced its operating budget by 10 percent. And the San Bernardino and Riverside area has the fifth highest foreclosure in the Nation.”