Congressman Landry Votes To Repeal Ineffective TARP Program
WASHINGTON, DC – Congressman Jeff Landry (Republican, New Iberia) voted today for H.R. 830, terminating TARP’s FHA Refinance Program that would have spent 8 billion taxpayer dollars.
“I am proud to have repealed the FHA Refinance Program today because I recognize the best way to help homeowners prevent foreclosures is with a job,” said Landry. “By passing H.R. 830, we have terminated another expensive and ineffective government program, saved taxpayers $175 million, and created a better environment for job-creation.”
“The passage of TARP exposed taxpayers to a possible $700 billion loss though the government purchase of mortgages, auto loans, and credit card debts. This government bailout program has been an epic disaster,” declared Landry. “Since its enactment, TARP has created an economic uncertainty fueling unemployment to 9% and shrinking GDP to 2.8%.”
“In order to grow the economy and create a prosperous environment, we must continue to stop spending money that we don’t have and remove barriers of uncertainty that prevent employers from hiring. H.R. 830 is another step in the right direction.” Landry concluded.
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