Press Release

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.”