Sean Patrick Maloney: “taxpayers want to know where the first $350 billion of the bailout TARP money has gone; so does Congress. The…”

“taxpayers want to know where the first $350 billion of the bailout TARP money has gone; so does Congress. The independent General Accounting Office concluded that Treasury has not set up any policies and procedures to ensure that TARP funds are being used as intended. I am therefore putting in legislation to require Treasury to collect, analyze and report to the TARP oversight entities data on what recipients of the TARP money are receiving, and to let them analyze exactly where this money is going. I am proposing this in the form of an amendment to H.R. 384, which may be on the floor this week. This amendment subjects TARP recipients to additional, but appropriate, scrutiny of their activities. It provides the entities charged with overseeing the TARP, including Congress, the tools they need to analyze exactly where our taxpayer money is going. I urge my colleagues to support it.”