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40 senators: Terminate TARP by year's end
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| Contributor | Jason |
| Last Edited | Jason Sep 19, 2009 05:37pm |
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| Category | Statement |
| Author | Michael O'Brien |
| News Date | Friday, September 18, 2009 10:25:00 PM UTC0:0 |
| Description | A bipartisan group of 40 senators wrote Treasury Secretary Tim Geithner on Friday, asking him to end the Wall Street bailout program by the end of the year.
The senators, led by John Thune (R-S.D.), the Senate's fourth-ranking Republican, asked Geithner to decline extending the Troubled Asset Relief Program (TARP) through October of 2010. The program would expire at the end of the year unless Geithner acts to prolong it.
“The Troubled Asset Relief Program was originally designed and proposed to Congress as a measure to help failing banks get toxic assets off their books while they regained financial stability,” said Thune. “In reality, TARP has been used to take ownership interests in banks, insurance companies, and automakers.
Thune has been a top conservative advocate in the Senate against the TARP plan and its use since it was authorized last fall in the wake of the financial crisis to hit U.S. markets. |
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