McHenry Statement on Fifth Anniversary of TARP
WASHINGTON, DC -- Congressman Patrick McHenry (NC-10), Chairman of the Financial Services Subcommittee on Oversight and Investigations, marked the fifth anniversary of the passage of the Troubled Asset Recovery Plan [TARP] today with the following statement:
“Five years ago, our financial system was brought to its knees, and Washington responded by bailing out some of nation’s largest financial institutions. The Democrat-controlled Congress passed Dodd-Frank and declared that the problem was fixed.
“Except it’s not. Dodd-Frank did not end ‘Too Big to Fail,’ it enshrined it into law. A series of hearings in my subcommittee on ending bailouts has shown that the provisions in Dodd-Frank create perverse incentives for creditors while crippling community banks, endangering taxpayers, and undermining a truly fair and open market.
“We must fix Dodd-Frank, allow firms to go bankrupt, and get the taxpayer off the hook to ensure that the federal government no longer provides bailouts to financial institutions.”