McClintock Bill Would Allow Banks to Immediately Pay Back TARP Funds to Taxpayers

April 21, 2009.  Rep. Tom McClintock (R-Granite Bay) today introduced legislation that allows banks to immediately pay back Troubled Asset Relief Program (TARP) funds to the U.S. Treasury.  Banks which were pressured to accept TARP funding are now facing serious obstacles, uncertainty and continued government control in their efforts to return the funds to taxpayers.

 “It is a travesty that banks seeking to repay taxpayer money should be prohibited from doing so after taxpayers were promised that repayment would be made as soon as humanly possible,” McClintock said.

The bill is narrowly written to amend the Emergency Economic Stabilization Act to require the Secretary of the Treasury to unconditionally and immediately accept such repayments, and does not otherwise interfere with existing regulations of the banking system.

“The Administration says it wants out of the banking business but when it is presented with that opportunity it seems to balk.  When banks want to give us our money back we shouldn’t argue the point,” McClintock said.  “The TARP bailout was the wrong thing to do and getting that money back to the Treasury is the right thing to do.  Our Treasury Secretary needs to ‘Just say Yes’.”
 

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Office staff members are available to assist constituents with problems or concerns at satellite office locations held throughout the district.  Anyone wishing to discuss an issue of federal concern is invited to attend one of these satellite office sessions and speak with a member of staff.  For more information, or to reach staff, please call the district office at 916-786-5560.
  
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Camino Pollock Pines Chamber of Commerce
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Oakhurst 
Wednesday, November 5th
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40637 Highway 41
 
Coarsegold 
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Mariposa County
 
Mariposa 
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19th
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Library Conference Room
4978 10th Street
 
Placer County
 
Auburn 
Wednesday, November 12th
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Auburn City Hall
Room #10
1225 Lincoln Way
 
Lincoln 
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Lincoln City Hall
600 6th Street
 
Rocklin 
Tuesday, November 25th
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Tuolumne County
 
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For further information on staff satellite office hours, please call 916-786-5560.