Financial Reform Bill to use TARP MoneyMyBankTracker.com
Jul. 01, 2010
WATCH: Did Hillary Clinton Give Hand Signals to Debate Moderator Lester Holt?
Megyn Kelly Exposes Hillary Shill 'Miss Universe' Alicia Machado As A Liar
Feminists Say It's 'Racist And Sexist' for Italians to Have Italian Babies
WATCH: Did Hillary Clinton Have a 'Seizure' During Last Night's Debate?
New York: White Man Slashed by Black Man in Racially Motivated Attack
Forced to remove a lucrative bank tax from its sweeping financial reform bill, U.S. Congress is turning to the Troubled Asset Relief Plan to help fund the new financial regulations.
Reuters reported this week that U.S. lawmakers, who could not come to an agreement on whether to include a bank tax that would generate an estimated $17.9 billion, decided instead to pull money from a pool created as part of the TARP bailout fund. Pulling money from the TARP fund would give the government $11 billion to help cover the costs of instituting the sweeping financial reform it agreed upon.
Taking From TARP not Necessarily a Popular Option
Lawmakers on either side of the political spectrum were less than pleased with the decision to draw funds from TARP to cover cost of restructuring.
Some Republicans claimed taking from the TARP fund was essentially using taxpayer money to fund the initiative and that any contribution from TARP would raise the nation's budget deficit.
Some Democrats countered by saying they did not want the new plan but had to settle on it because of Republicans' hesitance to embrace a full-fledged bank tax.