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’.”
 

Tele-townhall banner 

Latest News

Statement in Response to the Proposal of the National Park Service to Increase Entrance Fees, Including those Charged to Visitors at Yosemite National Park:

Last year, Yosemite Park management sought to drastically reduce the park's amenities that attract visitors and generate revenues. This year, it seeks to increase admission fees on those same visitors by 50 percent.

Angels Camp Third Annual Gold Rush Day

The history of Angels Camp is the history of California and the history of westward expansion.

Remarks in Opposition to Authorizing the Arming and Training of FSA (Free Syrian Army)

All of us recognize the threat posed to our nation by the Islamic State. The question before us is whether to arm and train supposedly vetted elements of the Free Syrian Army as a proxy ground force.

View more »

Search

Connect with Tom

  • Twitter
  • Facebook
  • YouTube
  • News Feed

Upcoming Events

Staff Satellite Office Hours

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.
  
Upcoming Staff Satellite Office Hours for October:
 
Amador County

Jackson
Tuesday, October 28th
9:30 am - 11:30 am
Conference Room D
County Administration Center
810 Court Street
 
Calaveras County
 
San Andreas
Tuesday, October 7th
9:30 am - 11:30 am
Calaveras County Water Agency Conference Room
120 Toma Court
 
El Dorado County
 
Camino
Thursday, October 9th
9:00 am - 11:00 am
Camino Pollock Pines
Chamber of Commerce
4123 Carson Road
 
El Dorado Hills
Thursday, October 9th
12:00 pm - 2:00 pm
El Dorado Hills Chamber of Commerce
2085 Vine Street, #105
 
South Lake Tahoe
Thursday, October 16th
9:00 am - 11:00 am
South Lake Tahoe Public Utility District
1275 Meadow Crest Drive
 
Fresno County
 
Auberry
Thursday, October 23rd
10:00 am - 12:00 pm
The Auberry Library
33049 Auberry Road
 
Madera County 
 
Oakhurst
Thursday, October 2nd
11:00 am - 1:00 pm
Yosemite Visitor Bureau Conference Room
40637 Highway 41
 
Coarsegold
Thursday, October 2nd
3:00 pm - 5:00 pm
Yosemite Lakes Park Clubhouse
30250 Yosemite Springs Parkway
 
Mariposa County 
 
Mariposa
Tuesday, October 21st
8:30 am - 10:00 am
Library Conference Room
4978 10th Street
 
Nevada County
 
Truckee
Thursday, October 30th
10:00 am - 11:30 am
Truckee Town Hall
Council Chambers
10183 Truckee Airport Road
 
Placer County
 
Auburn
Wednesday, October 15th
9am-11am
NEW LOCATION -
Auburn Chamber Of Commerce -
NEXT TO AUBURN VISITORS CENTER
Conference Room
1103 High Street
 
Lincoln
Wednesday, October 15th
3:00 pm - 5:00 pm
Lincoln City Hall
600 6th Street
 
Rocklin
Tuesday, October 28th
3:00 pm - 5:00 pm
Rocklin City Hall
3980 Rocklin Road
 
Tahoe City
Thursday, October 23rd
1:00 pm - 3:00 pm
NEW LOCATION - North Tahoe Arts Center
380 North Lake Boulevard
 
 
Tuolumne County
 
Sonora
Tuesday, October 7th
1:00 pm - 3:00 pm
Small Business Center Conference Room
99 N Washington Street
 
For further information on staff satellite office hours, please call 916-786-5560.