On the recordDecember 17, 2010
I rise on behalf of Ranking Member Spencer Bachus, the minority in opposition, strong opposition, to H.R. 5510. Mr. Speaker, here we go again. The American people have rightly demanded an end to the bailouts, but this outgoing Democratic majority just can't seem to let go. Just this past October, Secretary Geithner put out a lengthy report proclaiming the expiration of TARP, but it seems that the $700 billion bailout isn't quite dead yet. Just a week away from Christmas Eve, the Democratic majority is today attempting to bring the bailout back to life for the sole purpose of showering taxpayer money on community groups that provide legal assistance. The premises of reopening TARP for this purpose is troubling enough, but perhaps even worse is that we are bypassing any form of regular order to consider this this morning. We first received the text of this language, which is substantially different from the introduced version, at 9 a.m. this morning. No hearings were held on this legislation. No subcommittee or full committee markup. No CBO score has been produced. We have yet to receive any feedback whatsoever from the Department of Housing and Urban Development or from the President. We have heard that there's a letter of support, but simply the letter we've received from the Treasury is one outlining why they can't do it.
