Walt keeps promise on opposing TARP bailouts

Walt Minnick - Right for Idaho

February 04, 2009

Washington, D.C.– Idaho Congressman Walt Minnick today fulfilled a promise to his constituents and opposed federal spending to bail out failing auto manufacturers.

Minnick today joined 166 other Democrats and Republicans in the U.S. House of Representatives who voted against authorizing the expense of taxpayer dollars through the Troubled Asset Relief Program. Minnick said that although the bill has some admirable goals, such as keeping people in their homes and better oversight of TARP funds, a large portion of the money would be spent to bail out failing companies.

“These companies made bad business decisions, and now expect taxpayers to cover the losses rather than the companies doing the tough work of restructuring and adopting a new business model,” Minnick said. “Thousands of Idaho business owners aren’t expecting a bailout, but they do expect Congress to be wise with our tax dollars. That’s why I voted no.”

Minnick did support several amendments which ultimately were incorporated into the bill. One amendment would prohibit companies receiving TARP funds from outsourcing their call centers to foreign companies. Another would provide quarterly reports – posted online – on TARP spending. But even with those amendments, the final bill still could not win Minnick’s support.

“I applaud and support measures to free up the credit markets, to provide real financial relief to Main Street and to strengthen strict accountability and oversight within our financial systems,” Minnick said. “This bill ultimately wasn’t the answer to those needs, and instead authorized another huge federal bailout for the auto industry.”

Minnick has joined members of the House in making progress on increased fiscal responsibility in Congress. Last week Minnick and other Congressional colleagues co-sponsored a successful resolution requiring periodic hearings on government waste, fraud and abuse of taxpayer dollars.

House Resolution 40 requires that standing committees of the House hold at least three oversight hearings a year on the agencies under their jurisdiction. Additional hearings are required if an audit finds that the agency’s books are not in order or if an agency is listed as “high risk.”
“I was pleased to see so many other members of Congress pledge support for the kind of fiscal responsibility and accountability Idahoans want from Washington, D.C.,” Minnick said. “These hearings are a good step, but they are just the first step. We’ve got a long way to go, and I look forward to helping make sure our tax dollars are spent wisely.”