Scott Garrett: “What about the constitutional provisions as regards to that? Secondly, forcing companies that receive TARP funds to…”

“What about the constitutional provisions as regards to that? Secondly, forcing companies that receive TARP funds to receive a government overseer on their boards. Amazing, a Congress that can't manage its own affairs is now going to have an overseer on corporate boards around this country. You know, an overseer today will become a suggestor tomorrow and eventually a dictator the next day. Thirdly, requiring $100 billion of the remaining TARP funds to be spent on the foreclosure mitigation program. This was not the initial reason that we did TARP. It was to get the credit markets moving again in this country. In closing, regardless of whether this measure passes or fails, it is almost certain that President-elect Obama will receive this request for the additional $350 billion with absolutely no strings attached or mechanism in place to ensure that the money is spent reliably. The House Democrat leadership failed when they passed the first bill of TARP, and they will fail when they give the authority to the President the second time.”