Cord Byrd: “I will oppose the joint resolution of disapproval and vote to release these funds, but I do so adding my voice to those…”

“I will oppose the joint resolution of disapproval and vote to release these funds, but I do so adding my voice to those putting the incoming administration on notice. This is an enormous sum of money and authority being given to the Treasury Department, and it is especially worrisome because the American public has little confidence in this program. Its transactions are opaque. Its potential for abuse is enormous. Its effect on the economy remains uncertain. According to the public letter sent this week to the House and Senate leadership, the incoming Obama administration's economic team has committed to a ``full and accurate accounting'' of how these monies are invested and ensuring that these resources are not ``enriching shareholders or executives.'' The House of Representatives today is considering legislation to hold the new administration to its commitments, and I hope the Senate will do the same. Other promises and commitments are being made, at private briefings and closed-door caucuses, as the new administration tries to cajole Senators to oppose this disapproval resolution. That is unfortunate because I believe it further undermines an already questionable program, which could use more transparency, and not less. I realize that the new administration inherited this financial mess and that it is trying to do the best with the hand that it has been dealt.”