Washington, DC – U.S. Congressman Pete Sessions today released the following statement after the House voted in favor, 260-166, to release the second $350 billion installment for the Troubled Assets Relief Program (TARP): 

“I am disappointed that this Congress has chosen to aid and abet tax dollar mismanagement by allowing the second $350 billion installment of TARP funds. 

“Despite the fact that TARP was originally sold to Congress as a tool to buy up toxic securities, the Treasury Department has redirected the funds toward capital injection programs along with a variety of other ad hoc programs. Now having burned through the first $350 billion of TARP funds, Treasury has failed to give Congress and the taxpayer an explanation of how these tax dollars have been spent or how taxpayers will be reimbursed.  

“I am very displeased with this complete lack of disclosure and accountability. That is why I have voted to eliminate the second TARP installment and to instead require the Treasury to provide a plan and timeline to reimburse taxpayers via a tax rebate for the $350 billion already spent.  The American people deserve a full accounting of how their tax dollars have been spent, and until then, a reimbursement of tax dollars is an important step toward earning taxpayers’ trust in the fiscal competency of their government.”