This week, I sent a letter to Treasury Secretary Tim Geithner, along with 108 of my colleagues, urging him not to extend the Troubled Asset Relief Program (TARP) into 2010. While there will be ups and downs along the way as our economy struggles to regain its footing, TARP was passed with the intention of providing immediate support and emergency stabilization to our financial system. And yet, we see the President and the Democrat Majority in Congress floating the idea of paying for a second economic “stimulus” with TARP funds, a blatant distortion from TARP’s original purpose. TARP is not and was never intended to be a revolving door slush fund that the government can tap into as they see fit. Instead, the federal government’s first priority should be paying back the taxpayers.
A copy of the letter to Secretary Geithner is available here.