For those already critical of congressional Democrats for not doing enough to ensure that the incoming Obama administration spends the second $350 billion of the Wall Street bailout as lawmakers intended, the words of House Majority Leader Steny Hoyer (D-Md.) today probably won’t be very reassuring.
Referring to a House proposal — sponsored by Rep. Barney Frank (D-Mass.) — that would attach strict guidelines to the Treasury Department’s spending under the Troubled Assets Relief Program (TARP), Hoyer reiterated what some of his colleagues have said in recent days: The proposal is good but unnecessary; we trust the Obama team to spend the cash wisely. From the transcript:
I think we will pass it in the House. But if the Senate for some reason doesn’t pass it, it is my understanding that Mr. Frank has been in extensive discussions with the Obama transition team. And the Obama transition team has been involved in the provisions in this oversight bill, the TARP oversight bill. And it is my belief that in the event it doesn’t pass, that the administration is very likely to indicate that it intends to follow the provisions relatively closely. I don’t mean that they have absolutely agreed on it.
Meet the new congressional oversight.
