Joe Crowley: “today, the House began consideration of legislation to strengthen the Troubled Assets Relief Program. Implementation of…”

“today, the House began consideration of legislation to strengthen the Troubled Assets Relief Program. Implementation of this legislation is urgently needed, and here's why: Just last week AIG pulled back on a plan that would have cost taxpayers $93 million. What prompted AIG to cancel its proposal? Three phone calls, none of which came from the Bush administration. They came from myself and Congressman Paul Kanjorski of Pennsylvania. AIG is just one example. The Bush administration has been asleep at the switch throughout our economic recovery efforts. They have failed to monitor the actions of the companies and banks that have received Federal support through TARP; they have failed to place real caps on the excessive pay of corporate CEOs who take taxpayer money; and they have failed to ensure taxpayer-lent funds are being wisely spent. Starting today our efforts to put our Nation's economy back on the right track will be taken in a new direction. With consideration of H.R. 384 and the start of the Obama administration, accountability and oversight will now govern TARP. After 8 years it is a new beginning for our country, and it couldn't have come at a better time, on the same day the Bank of America is seeking billions more in Federal assistance. Reform is what the American people deserve because it is their money on the line.”