McClintock writes bill for TARP pay back |

McClintock writes bill for TARP pay back

Sun Staff Report

WASHINGTON, D.C. “-Rep. Tom McClintock, R-Granite Bay, introduced legislation on Tuesday that would allow banks to immediately pay back Troubled Asset Relief Program funds to the U.S. Treasury.

Some banks that accepted TARP funding are now facing obstacles in how they will pay the money back to the government.

“It is a travesty that banks seeking to repay taxpayer money should be prohibited from doing so after taxpayers were promised that repayment would be made as soon as humanly possible,” McClintock said in a press statement.

The bill is narrowly written to amend the Emergency Economic Stabilization Act to require the Secretary of the Treasury to unconditionally and immediately accept such repayments, and does not otherwise interfere with existing regulations of the banking system.