Carbondale Bytelife

Rep. Costello sent out the following press release today regarding his stance on the TARP:

COSTELLO OPPOSES RELEASE OF ADDITIONAL TARP FUNDS

Washinton - Congressman Jerry Costello (D-IL) today voted against releasing the remaining $350 billion from the Troubled Asset Relief Program (TARP). Costello also opposed the original financial bailout legislation that created TARP.

"I voted against the financial bailout because I was concerned that we rushed its consideration without adequately assessing how the money would be used or if there were better ways to proceed. The fact that Secretary Paulson did not use the money as he said it would be used validated my concerns. Now, the very banks that received the bulk of the TARP money are still mired in losses, with billions in bad loans still on their books, and refusing to account for how they have spent it. Given TARP’s poor record to this point, we need to reassess this plan of action, and that is why I voted against releasing the remaining funds.”

Labels: economy, Jerry Costello