Patrick McHenryChairman

WASHINGTON, January 12, 2009 -

Committee Republican Leadership, led by Ranking Member Spencer Bachus, sent a letter today to Chairman Frank urging him to follow regular order and postpone floor consideration of his TARP bill and schedule a Committee mark up.

"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 continues: "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, Deputy Ranking Member Randy Neugebauer, Oversight and Investigations Subcommittee Ranking Member Judy Biggert, Financial Institutions Ranking Member Jeb Hensarling, Capital Markets Subcommittee Ranking Member Scott Garrett, Housing and Community Opportunity Ranking Member Shelley Moore Capito, International Monetary Policy Ranking Member Gary Miller and Domestic Monetary Policy Subcommittee Ranking Member Ron Paul.

Click here to see a copy of the letter.