Apr 22 2010

Graham Passes Amendment to Remove TARP Funds

Meghan Hughes (202-224-5972) or Kevin Bishop (864-250-1417)

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today introduced and passed through the Senate Budget Committee an amendment to prevent $44 billion remaining in TARP from being spent.  The vote on the Graham Amendment was 12-11.

“I voted for the initial installment of TARP to prevent a meltdown of our financial system,” Graham said.  “Since those days, TARP has taken on a life and flavor no one ever envisioned.” 

Graham noted that the Senate budget resolution uses the remaining $44 billion from TARP on other spending items not associated with the restoring the financial system. 

“If you would have told me at the time I voted for it that TARP would be used to bail out car companies, I wouldn’t have supported it,” said Graham. “The $44 billion remaining in TARP is becoming a slush fund.  I am pleased the Senate Budget Committee passed my amendment to address this problem.”