On the recordJanuary 21, 2010
I rise to strongly support an amendment on the floor that I have coauthored. I have joined Senator Thune, Senator Bennett, and many others on this amendment to immediately end TARP, the so-called Troubled Asset Relief Program--to end that, to wind it down immediately, once and for all. Again, the amendment is very simple and straightforward. It terminates TARP immediately when this provision is signed into law. Just as importantly, the amendment ensures that all TARP money that is repaid to the Federal Government goes to debt reduction, as clearly intended under the law, under the original language for TARP. I have long fought for this termination. First of all, I had grave reservations about TARP from the beginning, and I voted against that proposal. Looking back, I do not think it is at all clear that was necessary to avert some impending disaster. Looking at the last year, I think it is perfectly clear TARP has become a slush fund and has led to all sorts of continuing spending abuses.
