Taxpayers demand to know where the money went

“Not only is the money being used in ways that Congress did not intend but we do not have the transparency that was promised” said, Senator Jim Bunning (R-KY)

Today the US Senate Committee on Banking, Housing and Urban Affairs held a full committee hearing on the Troubled Asset Relief Program (TARP). Witnesses were present to give their testimonies. The purpose of this hearing was to explore how the program could be more effective while addressing the current issues of the financial crisis. TARP was initially created last October as part of the Emergency Economic Stabilization Act. Chairman Christopher Dodd (D-CT) indicated that Congress granted the Treasury 700 billion of tax payer dollars to aid the economic crisis, however; serious concerns were addressed regarding the misuse of this money due to gaps in Treasury monitoring. Future concerns regarding 350 billion dollars was also critically addressed for the sake of restoring the public’s confidence in government spending.

“So many Americans losing their homes, their jobs and their healthcare. That kind of abuse of taxpayer money is offensive” said, Senator Robert Menendez (D-NJ)

By Candyce Torres, University of New Mexico-Talk Radio News Service