Today, the new House majority will vote on The HAMP Termination Act (H.R. 839), legislation introduced by Rep. Patrick McHenry (R-NC) that will save taxpayers $30 billion by canceling a TARP program that “has been beset by problems from the outset and…continues to fall dramatically short of any meaningful standard of success,” according to the most recent Special Inspector General for the Troubled Asset Relief Program’s (SIGTARP) report to Congress.
Earlier this month, outgoing Special Inspector General for TARP Neil Barofsky offered a scathing indictment of the Treasury Department’s unwillingness to accurately account for the program’s success – or lack thereof – saying: “That is the exact opposite of transparency, it evades accountability, and it’s trying to cover a program that is clearly a failure.” Watch more of Rep. McHenry’s tough questions on the HAMP program here:
Republicans have already passed legislation (H.R. 830) that will save taxpayers $8 billion by ending another costly, ineffective TARP program that gives private lenders the ability to dump their mortgage risks onto the backs of taxpayers. Together, these bills represent a significant step toward fulfilling the new House majority’s Pledge to America to “prevent Washington from forcing responsible taxpayers to subsidize irresponsible behavior by ending bailouts permanently, canceling TARP, and reforming Fannie Mae and Freddie Mac.”
Republicans are fighting for the spending cuts that Americans are demanding and economists say are needed to create a better environment for job growth, and will continue to do so with today’s vote – and several others in the coming weeks. If you have an idea for cutting spending, please share it with us at: www.americaspeakingout.com.