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House FS Republicans Slow down on TARP mods
WASHINGTON (1/14/09)—The ranking Republican members of the House Financial Services Committee urged their chairman to slow his drive for a bill to modify rules governing the U.S. Treasury Depaertment’s Troubled Asset Relief Program (TARP). Frank introduced the TARP Reform and Accountability Act (H.R. 384) last week and the House is expected to vote on it this week, without the normal legislative process of a committee mark up. (See related story "Rep. Baca offers plan for Cus under TARP.") In a letter to Chairman Barney Frank (D-Mass.), the committee Republicans wrote, ““The original TARP was considered and enacted in a panicked rush to judgment. We are again moving far too quickly in considering whether to approve the expenditure of hundreds of billions of taxpayer dollars.” The letter continued: “The hurried nature of this legislation is particularly mystifying when the Senate had indicated that it has no intent of taking up this bill. Accordingly, we respectfully request that you postpone Floor consideration of H.R. 384 and schedule a mark up in the Financial Services Committee.” The letter was signed by ranking member Spencer Bachus (Ala.), and Reps. Randy Neugebauer (Tex.), Judy Biggert (Ill.), Jeb Hensarling (Tex.), Scott Garrett (N.J.), Shelley Moore Capito (W.V.), Gary Miller (Calif.), and Ron Paul (Tex.).


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