Congressman Bill Posey :: Representing the 15th District of Florida

JOE

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TARP

The Emergency Economic Stabilization Act, which created the Troubled Asset Relief Program (TARP), passed in October of 2008 before my arrival in Congress. From the beginning I opposed this bailout of $700 billion of taxpayer money, which was not even used to purchase so-called “troubled” assets. The January report from the TARP Congressional Oversight Panel stated that it did not know what the banks were doing with the TARP money. Like many Americans, I find the mismanagement of these funds inexcusable

Since my arrival in Congress in January, I have voted against releasing the final $350 billion of TARP funds and have opposed billions of additional dollars of deficit spending as our national debt passes a colossal $10 trillion dollars. For the sake of future generations and their prosperity, we must stop this inter-generational theft. I support breaking the cycle of government bailouts and want to see a long-term solution for private industry to get back on its feet. As your Member of Congress, and as a Member of the House Financial Services Committee, I will continue to oppose reckless spending and fight for more accountability with taxpayer money in Washington.