Chairman Frank, Ranking Member Bachus and Congressman Garrett, first let me thank you for the opportunity to come to the floor and speak today. Chairman Frank, I congratulate you on bringing this piece of legislation forward, and I admire…
Chairman Frank, Ranking Member Bachus and Congressman Garrett, first let me thank you for the opportunity to come to the floor and speak today.
Chairman Frank, I congratulate you on bringing this piece of legislation forward, and I admire the meticulous and bipartisan nature in which you have crafted it.
I would like also to thank you, the both of you, for the inclusion of my noncontroversial amendment into the manager's amendment. I believe this amendment represents a small but important step which will serve the good of the American people.
My amendment is very simple. It establishes a user-friendly Web site where the American people can quickly and accurately see where their money is going.
During debate yesterday, we heard the need for more oversight, more transparency, and more control over the flow of TARP funds.
I am glad that we here in Congress will be provided more information about TARP funds. However, what about the American people?
This is their money, and I believe they need to be able to track it. I hope that an online database will provide a helpful tool in this effort. In essence, this amendment seeks to create a Google for TARP. This Web site will clearly display who is using the money, for what purposes and how their dollars will ultimately cycle back to their pockets. I intend this Web site to be easily searchable and to contain information on both specific payments and on the aggregate amounts received by each receiving entity. This amendment is about accurate accounting, openness, fair government, transparency, and hopefully, one day, balancing our budget.
You know, when my constituents leave the grocery store, they know three things--what they've spent, what they got for their money and how their purchases are going to help their families. Well, the American people deserve to know the same thing when they, for the very first time, are pouring billions of the same hard-earned dollars, which they used to purchase groceries, into the financial and housing markets. Americans should be able to identify what is being spent in their name.
Currently, the Treasury Department provides limited balance sheets, listing complex purchases on their Web site. The target audience of this Web site is for those applying for TARP funds, in other words, financial experts. It is not for those who are looking to see how their money is spent.
Well, I'm sure my constituents are very similar to yours. They're not high-powered New York City investment bankers. While they have not been a part of this problem, they're being asked to foot the bill for it. In doing so, it is their right to know where their money is going, for what programs it is being used and how it will benefit them in the long run.
While I support the bill we are considering today, I am concerned that these changes, while needed, will further confuse where this money is going. Funds will begin to cross over multiple government agencies to the point where anyone wanting to track the flow of money would have to visit multiple Web sites with his mouse in one hand and his calculator in the other. A person should not have to be a forensic accountant to decipher where his tax dollars are being allocated.
Thank you, Mr. Frank.
My hope is that, through this amendment, we can establish something similar to or what can become a part of what our President-elect has established under the Federal Funding Accountability and Transparency Act of 2006--the USAspending.gov Web site, a Web site explaining to the American people the different Federal agencies and how their hard- earned money is being spent to better their lives.
As I said, this is a commonsense amendment that seeks to improve the people's access to their government.
Yes, sir.