Resolution in Support of TARP Accountability

WHEREAS president Bush established TARP (Troubled Asset Relief Program) to provide a $700 billion bail out to troubled financial institutions and avoid a total national credit freeze and Secretary Henry Paulson has asked Congress to authorize releasing the final $350 billion in bail out funds; and

WHEREAS the Associated Press was stonewalled by the recipient financial institutions which refused to answer the following questions: How was the money spent? What was it spent on? How much is being held in savings? What is the plan for the rest? And;

WHEREAS neither Congress members nor Bush administration officials know if the TARP funds are being hoarded or used for making acquisitions, campaign contributions, paying bonuses, or lobbying

BE IT THEREFORE RESOLVED THAT the Los Angeles County Democratic Party urge Senators Barbara Boxer, Dianne Feinstein, and Harry Reid and the Democratic members of the California Congressional Delegation not to vote to release the remaining part of the TARP funds before the recipient financial institutions make an accounting of the monies that they have already received.

Submitted by Craig Athon

Passed by the LACDP Resolutions Committee 1/6/09

Passed by LACDP 1/16/09