Bachus: Treasury Must Protect Taxpayers By Implementing SIGTARP Recommendations

Cmte Financial Services (R)
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Bachus: Treasury Must Protect Taxpayers By Implementing SIGTARP Recommendations

: Financial Services Committee Chairman Spencer Bachus made the following statement regarding the SIGTARP quarterly report to Congress which found the Treasury has not carried out recommendations for the Small Business Lending Fund (SBLF):

“There is no justification for Treasury’s failure to implement sensible recommendations suggested by SIGTARP that go a long way to protect taxpayers, and ensure participating financial institutions actually lend to small businesses.

“During consideration of the SBLF, House Republicans repeatedly offered amendments which would have installed the SIGTARP as an oversight body over the program. With both the resources and experience to minimize political interference and protect taxpayers, it is unfortunate that Democrats have prevented Mr. Barofsky from overseeing this flawed program.”