On the recordDecember 7, 2010
The Treasury Department announced the end of the TARP on October 3, 2010. Now, it may have marked the end of the Treasury Department's authority to initiate new investments under the Troubled Asset Relief Program, but in reality, TARP is not dead. American taxpayers still face a daunting economic recovery, with the Federal Reserve now downgrading their economic outlook for the United States economy and predicting over 9 percent unemployment through the end of next year as it simultaneously engages in a dangerous quantitative easing plan--a monetary policy used to increase the money supply by simply buying up government securities--that could further damage our financial recovery. Mr. Speaker, let's start with the troubling news about the TARP program. According to Neil Barofsky, the Special Inspector General of the TARP, which is called SIGTARP, the taxpayer-funded bailout program "remains very much alive." In fact, Mr. Barofsky's report states, "As of October 3, $178.4 billion in TARP funds were still outstanding, and although no new TARP obligations can be made, money already obligated to existing programs may still be expended." Furthermore, $211.3 million in Capital Purchase Program dividends remain outstanding and unpaid. This is money that is owed to the taxpayers. SIGTARP's November report also criticized Treasury's TARP program for failing to save homeowners from foreclosure.
