Frank Rejects Using Repaid TARP Funds for Tax Relief« The Arizona Conservative Blog

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Chairman of the House Financial Services Committee, Representative Barney Frank (D-Mass) flatly rejected the idea that funds received from banks repaying government loans be used for tax relief.



Frank characterized the taxpayer role in the TARP program as “at best, passive.” “Sure, we used taxpayers’ money to finance the thing, but we didn’t get much support from them for our efforts,” Frank recalled. “Most of the taxpayers I’ve heard from opposed the TARP program. So, why should they get any benefit from it now?”

The congressman has proposed, instead, what he calls a “TARP for Main Street” bill that would channel repaid loans into “a special fund that members of congress can tap into as needs arise.”

“Congress did the heavy work to get the TARP legislation passed,” Frank bragged. “We deserve to be rewarded. This fund will enable essential members of congress to access these resources for critical needs in their districts and states.”

Charges that the set-aside amounts to little more than a political “slush fund” were rebuffed by Frank. “The critical factor in this endeavor was congress, or rather, key members of congress,” Frank argued. “The special fund is aimed at preserving and enhancing this critical factor. You could call it an investment in America’s future.”