tarp already has a sunset date after which more funds cannot be spent. since our marks are not back to normal even though there is imrofnment we shouldn't -- improvement we shouldn't prevent the use of tools we have. but we do need parameters for managing our investorments and winding them down in order to take the politics out of this program. american taxpayers deserve to have their investments managed in order to maximize their returns. that's what the trust will do. and i hope we will consider using this model for other investments, as well. this trust will also help us take some of the politics out of the tarp practice and that is why i am proud this legislation is bipartisan and led by my friend from tennessee, senator corker. i hope my colleagues will join in supporting this bipartisan legislation, s. 1280, the tarp recipient ownership trust act. this will not resolve all our concerns surrounding tarp, i hope it can serve as a model to maximize the taxpayer returns on this investment: let me take an additional, moment, mr. president, and indicate

one on the tarp in support of mr. obama, senator mccain also supported the tarp program as did the senate republican leader mitch mcconnell, the house republican leader, john boehner. the bush administration was the one who came up with the tarp program. it was supported strongly by the chairman of the federal reserve, ben bernanke and bipartisan leadership. the rank and file never liked the program much. to the caller's other point, with the federal reserve -- one of the interesting questions is just how powerful the fed is. it has been very aggressively getting the financial system stabilized. most people think they have done a good job, but will have a difficult time removing programs to return to more normal operations. there are a lot of questions on the separation between the fed and treasury. mr. bernanke is asked that a lot when he testifies. he responds that it must be independent but during a serious financial crisis id must work with the treasury and government in power to keep the economy stabilized. host:

tarp is not popular.t the point that tim geithner and others have made is that it does seem to have some role in having save the financial system last fall. you never know what would have happened if tarp had not been put into place. many of economists say the downturn would have been worse. but this is not a popular program and banks' people are not popular in washington or across the country. but i would not expect public statements of them saying that. host: do you think that if things get into trouble again they can go back for tarp funds? guest: i believe they are. i do not think anyone wants to, though. one of the things about the stress tests is to encourage banks to build up reserves so that they are more solid and can weather another economic downturn. as banks leave the tarp program executives have a strong desire not to re-enter it. host: john shaw joined us this hour. . caller? caller: thank you for c-span. i would give obama and a, he jumped right in as soon as he took office. the tarp as i u

thankfully we have begun to see a sharp change in direction for the tarp program. from the homeownership preservation program which draws upon the $75 billion in tarp funds to more accountability from firms which receive taxpayer assistance. but as the news this week that general motors was failing for bankruptcy reminds us, we are hardly out of the woods, and i would add that this committee intends to hold another hearing next wednesday to examine the administration's plans to restructure g.m. and chrysler. there are also real questions about the future of the public-private partnership to purchase so-called legacy assets, from banks and other institutions which have put an enormous strain on our financial system. when the treasury secretary was here a few weeks ago, i asked him if this program would work and if he believed banks would still be willing to sell the so-called toxic assets at discounted prices, given the better than expected stress results that would completed about two weeks ago. he said he expected those programs to begin operating over the next si

has your panel disclosed to the american people whether or not tarp is working? >> we cannot disclose what is not known. we have disclosed as much as we can. we have addressed this in our various reports. there are some positive neck -- positive indicators and negative indicators in the economy. that is the best we can do. we see changes and try to document those. we tried to point out where there continue to be witnesses. this is not resolved yet. i am sorry. it is not. we are still in mid-crisis. there are up pharaohs and down arrows. >> -- up barrelarrows and down arrows. >> the special inspector testified that there were almost 20 criminal investigations under way in connection with the tarp facility for the financial sector. his report said these investigations involve possible public corruption, corporate stock and tax fraud due to mortgage fraud. the stated that one of the probes and also bank officials who work allegedly fixing but in order to qualify for tarp money. fisher committee aware of this issue? do you have any additional information about these

that was the purpose of tarp when it was sold back in october. tarp was never intended -- never intended to be a revolvin revolving $700 billion blank check for the administration to use however it sees fit. but, unfortunately, that's exactly what it has become. first, the checks were used to bail out the banks. then to the struggling insurance giant a.i.g., then to the floundering housing market. and despite a december vote by congress that rejected specific -- specifically rejected a bailout of the auto industry, tarp funds are now being used to bank roll the auto industry. i am quite certain that most of my colleagues would have looked at me in disbelief if i would have said just a few months ago that tarp funds would essentially be used to buy a private auto company, general motors, and then rush it through bankruptcy. yet, last monday the administration -- the obama administration announced that it would provide $30 billion more in tarp funds to buy general moarnts. to own a 60% ownership interest in the company. -- general motors. to own a

the rules of the senate allow somebody to offer a tarp amendment. he says, however, that the majority, that's us, is saying we're going to obstruct your right to amend. now, this colleague must not have been around last thursday and friday when we were negotiating to try to get an agreement. we -- they offered, their side offered the first five amendments. they said -- we said show us the amendments, you can offer your first five amendments. all of them were so-called tarp amendments, the troubled asset issue. well, tarp amendments, having nothing to do with tourism and travel, but that's fine. we said okay, you are can offer that. so how is it somebody comes to the floor of the senate now and says they're being obstructive? we said you can offer them. but then what they said, well, you've offered five tarp amendments and here are your three amendments. one of your three amendments is one by senator sanders, then we won't allow to you offer. we object to that. now, what was the sanders amendment? it was pretty simple. the sanders amendment would use

what we can do is we can take the tarp money. we could reclaim the tarp money, which is $700 billion and pay for this plan that i'm proposing over the next 10 years. no new taxes. no new costs ffplgts no one losing anything from their employer or their government plan. if you like what you have got you keep it. if you want to buy health insurance yourself, you can get $5,000 for a family plan or $2,000 as an individual. there are other things this bill does. it allows a an employer if they would like to contribute to a savings account, the employee could use that in addition to their health care certificate to pay for premiums. right now we don't let americans use health care savings accounts to pay for premiums. also create a market for health insurance and more competition allowing people to buy from any state in the union. to buy their insurance plan. they can look on the internet and go to an independent insurance agent and buy a plan from any state in the country where it is certified. and we provide block grants to states t

-- herb alison is the tarp czar. stimulus accountability czar, the nonproliferation czar, the -- and i may be mispronouncing these folks' names and let me say right off, if i've mispronounced anybody's name, it's because i'm from texas and i apologize for that. the terrorist czar is john brennan, the regulatory czar, there's an interesting one, cass, the drug czar is gil kerilowski. the guantanamo closure czar, the af/pak czar, the mideast peace czar, the persian gulf/southwest asia czar, dennis ross, the sudan czar, j. scott, climate czar, todd stern, car czar, steve rad in her -- rat in her. he's been all over the place -- ratner, he's been all over the place. economic czar, the executive pay czar, that's one of my favorites right there. the executive pay czar is kenneth feinburg and then the cyber security czar, position to be announced, but they're going to have one. now, right off i wondered about the cyber security czar because we've got an infotech czar up here which is sort of both in the same -- both first c

what we can do is we can take the tarp money, we can reclaim the tarp money, which is $700 billion, and pay for this plan that i'm proposing over the next 10 years. no new taxes. no new costs. no one loses anything from their employer, their government plan. if you like what you've got, you keep it. if you want to buy health insurance yourself, you can get 5,000 for a family plan or 2,000 as an individual. there are other things this bill does. it allows an employer, if they would like, to contribute to a health savings account for the employee and the employee could use that in addition to their health care certificate to pay for a premium. right now, we don't let americans use health savings accounts to pay for health insurance premium. we also create more of a national market for health insurance and more competition, allowing people to buy any -- from any state in the union to buy their insurance plan. so if their state has so many mandates their plans are expensive, they can look on the internet or go to an independent insurance agent and buy a plan from any state in the country wh

it should not be permanent tarp. as to tarp, it provides for a appropriate standards of executive compensation. i regret the fact that the administration seems that it will apply this only to those entities that have received three scoops of ice cream. i would think if you read a lot untrimmed law it should apply to any country that includes even one infusion of tarp funds. the people of this country were outraged at executive compensation. that was not only understandable, it was i able. and it will lead promptly to the return of some $68 billion to the treasury by various banks that they would not have done if it was not for this outrage and a governmental reaction to it. as to the proposals we are considering today, as to say on pay, i believe a lot to look at that being binding, not just advisory. and we ought to set as many of the standards here in this realm rather than just transfer authority to the sec. we are talking about shareholder democracy, democracy starts by legislating by the elected representatives

here's your $700 billion in tarp money and here where it went. we will give you a changing scene, real-time. i think there ought to be a website for the stimulus accountability czar so he could have that website up. we wouldn't have to be pressing for answers. america could go to the web site and contact us and let us know how they think the money is being spent or not being spent. one thing we know is, it's not one thing we know is, it's not been and doesn't look like it's

there is a story that is going to allow 10 banks to repay the tarp funding, according to mayor bloomberg. the money has been called "a scarlet letter" referring to the public backlash and scrutiny that came with it. you mayç remember the president obama talked about this about a month ago saying that he did not want the banks to pay back to soon, for fear that it may jeopardize any efforts by the treasury department to stabilize the financial institution. again, that is one of the lines of questioning that we expect to hear from elizabeth warren driven the house will be in for morning business at the bottom of the hour, 10:30 a.m. east coast time, 7:30 a.m. for those of you on the west coast. the senate also in session today and the president at the white house. he will have a meeting later this afternoon with democratic members of the house ways and means committee. he will also be talking about his pay go plan, an effort by the white house to ensure funding that has been put forth -- put forth. thanks for being with us. live coverage starting momentarily. we are back tomorrow morning a

but not go through the tarp amendments and all that stuff. we have tried in good faith to get this finished. they should march up here and vote cloture, which needs to be done. they and still offer germane amendments. they may not like the bill or may want to offer other amendments relating to the legislation but i think, madam president, i'm, unless i can be quiptsed otherwise, and i certainly can be, i guess, if i can be proven to be wrong, i'm happy to be as reasonable as i can be, i think that this is such a revolting development in a body that is, has pledged to do good things for the country. and we have done a lot of good things this year. and we have done it, madam president, with little help from the republicans. we have gotten some but not were. so they are stalling obama from accomplishing anything, even a bill that saves the majority money. ms. klobuchar: if the majority leader could yield, one thing i found out in the hearing which you so kindly testified at about tourism which i am chairing the subcommittee, it was bipartisan. t

the -- it looks like a number of banks are going to repay a fair percentage of the tarp money that's been put out by the administration, potentially $65 billion. now, when tarp was originally structured, the understanding was that we would buy assets in banks, or from banks, and that at some point we would get that money back as taxpayers. in fact, you would get it back with interest. and this is what's happening now. the money is coming back as these banks have restored their fiscal strength, and it's actually coming back with interest, about $4.5 billion on top of the money that we put out, is my understanding as to what would be paid back on the interest side relative to the preferred stock. so that's good news. first the financial system was stabilized during a cataclysmic period in september and october, and the investments which were made in preferred stock with taxpayers' money is now being repaid. the issue becomes, however, what are we going to do with this money that's coming back into the treasury? well, it ought to go to reduce the debt. this administration in recent days

that is precisely what the tarp is designed to do. it is interesting, because it dials back -- it walks back to a question i answered earlier which is about, are you -- talking but the chamber of commerce, are you trying to change market structures for ever? a perfect example. we got in and now we are trying to get out. we want to get out in a manner that is as quick as possible because we are not bankers. we are not auto executives. we are temporarily in there to bridge the gap through some of the greatest market failures since the great depression. in the case of the tarp, it looks to me the programs are working as designed, so getting out now makes sense, when the banks can show us that we are -- they are on the road back to health. host: jared bernstein is chief economic adviser to vice president joe biden. please come back soon. now a news update from c-span radio. >> economic numbers just in. may retail sales rise by the largest amounts to an apple europe -- four months, reflecting higher auto and gas sales. new claims for what

or second- guessing from congress that might come with tarp funds. host: from detroit, michigan, john joins us on the independencets line. caller: i am a retired businessman. i have lived in canada and england and i have family living in france. of these stories of the problems of that people have with health care in this country -- these countries, and i am sure we can find problems but the majority of people are totally happy with their health care in these countries. the thing that amazes me -- i hear all of these people calling in, knowledgeable of the problems in canada and england and so on, totally ignoring the fact that this country has more than enough problems, that is why we are discussing health care in this country. just give one example of the health care in this country, our viewers familiar, for example, with the fact that just a few years ago, the second-largest health-care provider in this country, talking about a hospital group had dozens of heart operations which were totally unnecessary and for which they have subsequently been p

>> with respect to the tarp, recovery will be excellent. in particular, a number of banks are looking to repay tarp. we expect a list of banks next week that we will believe are sufficiently sound and able to lend, repaying tarp with interest. mr. treasury secretary except that. with respect to talf, the program for asset backed securities, we have extensive protections that i would be happy to detail if you give me a few minutes. we are very comfortable that this program will be very effective in opening up markets to consumer credit. including loans. at the same time, i think that the credit risks to the fed itself are quite minimal. >> as the fed implied to what extent we will have to borrow from those savings pools? in order to meet debt requirements in the future? >> we certainly look at that. an interesting point, even though the federal government's borrowing has skyrocketed, the current account deficit, a measure of what we do from abroad, is lower than it has been in some years, suggesting that the increase in federal borrowing has

whereas on june 16, 2009, total outstanding tarp funds to a.i.g. stood at $69.8 billion. whereas on june 16, 2009, total outstanding tarp funds to domestic automotive manufacturers and their finance units stood at $80 billion. whereas on june 19, 2009, the outstanding public debt of the united states was $11.409 trillion. wrads on june 19, 2009, each citizen's share of the outstanding public debt of the united states came to $37,236.88. whereas according to anew york times" cbs news -- a "new york times"/cbs news survey, 69% of americans do not think the president has developed a clear plan for the deficit. whereas the best way to develop a plan for budget deficit is a commitment to restraint and an open and transparent process in the house of representatives. whereas before assuming control of the house of representatives in january, 2007, congressional democrats were committed to an open and transparent appropriations process. whereas according to a document by congressional democrats entitled, democratic declaration: honest leadership and open government," page two sta

won the busch-obama legacy that our -- republicans are interested in, and that is legislation like tarp, which was passed late in the bush second term. when the congress delegates all of this money to the executives to spend, it will be on banks first, then the administration and obama takes it over. then they start spending it for other failures. when you have this kind of power, authority, and money given to the executive branch with almost no guidelines, we are talking about excess of a power perhaps, there is a lawsuit on charging a violation of what is called the non delegation doctrine. it is a lawsuit that says that congress cannot delegate in this fashion without more specific legislations to what the executive should be doing with it. the reason i say that is a republican party problem is that, with bush's -- as president -- with bush as president, it is hard to complain when it was on the republican watch. we will see how that plays out. >> my question is, given that congress often grants authority to the white house, they are reluctant to pull it back. the imbalance of not on

at that time, the tarp money was all provided in the form of preferred stock which is on the one hand not voting, but on the other hand is senior to common equity and is safer. >> get paid first, i understand that. but it's the lack of -- seems like mr. lewis was most concerned with lack of input or control on the part of the taxpayer and i think that would have helped us, you know, in this deal if we had had greater control on behalf of the american taxpayer. mr. chairman, my time is expired and again i thank you for appearing and helping us with our work. i yield back. >> thank you very much. now i allow five minutes to the gentleman from massachusetts. >> thank you, mr. chairman. mr. bernanke i want to discuss another way the public moneys seemed to have flowed to some of these financial institutions. back in march of 2009, a.i.g. disclosed the name of the counter parties, people they had credit swap agreements with, and bank of america was within them. it appears from our records that there were losses in the so-called superior peer senior multisector default swaps, portfolio a.i.

tarp program. >> we do. >> do you anticipate that trigger will be asked for? >> i don't know at this stage. there's a range of exceptional programs we put in place as senator collins has said and some of them expire at the end of october. some of them have a longer fuse on them. some of them can be extended. we'll have to make that judgment as we get a little more -- >> if you ask for an extension, i assume it applies to all the money, just not a portion, is that correct? >> i believe the way the law is structured that the authority is about the $700 billion and it applies to the full $700 billion. >> ok. you talked about -- and it's been referenced before about reluctant investor update, not involved in day-to-day decisions. it's been pointed out that some of the tarp funds are being used by banks for speculation in the oil and commodities market. is there enough transparency in how they're using the tarp funds for you to know that? >> well, i think that's really a question that i would have to refer to the supervisors. the supervisors of those banks, have re

another portion of my amendment says no more tarp money can go to a bankrupt company. that money was sold to the congress as acquiring assets, not acquiring stock positions in various companies. particularly not in acquiring a stock position in a bankrupt manufacturing co. one week -- when we approved tarp the first time, it was made clear we regaling with a financial meltdown. instead, it has spent -- has gone to bankrupt companies and once again, the question of the conflict of interest, i say there must be no conflict of interest with respect to how the money is being spent. so the treasury secretary says wearing a hat, looking out for the benefit of general motors, i am going to switch and take my hat as treasury secretary and determine that some money will go to relieve my problems as an executive overseeing the on companies. those are the two aspects of the addition by making to center alexander's amendment. we're giving the secretary of the treasury this same type of fiduciary responsibility and therefore exposure to any officer or director have in a corporate o

fraud and corruption related to the tarp fund and the stimulus package. these funds are vulnerable to bribery, collusion,. there is an old adage that fraud is not behind, like bees to honey. we face a similar challenge in funding related to hurricane katrina. in the wake of that storm, we created a task force investigated fraud and corruption, and to identify serious abuse which was likely to take place. we have two hundred 46 convictions in mississippi and louisiana. today, we face a much different kind of war, with opportunities for criminal behavior and underlying agreed remain sustained. with trillions and trillions of dollars at stake, the purchase of troubled assets, improvements to infrastructure, health care, energy and education, even a small percentage of fraud results in substantial taxpayer losses. we must select the intelligence is necessary to target waste and abuse at all levels, and we must do so before we get fully -- it gets fully develop. we must be able to follow the money all the way down the line. we are working with the fcc for the

therefore, these tarp dollars are not needed. they are not needed right now or in the foreseeable future for the purposes of maintaining financial stability and avoiding a systematic meltdown so it is totally appropriate that all that money be used to pay down the debt or at least a significant portion. it would be an extraordinarily positive statement by this administration if they said to the markets and to the american people, the responsible thing to do is to take this money and pay down the debt. i think the markets would react positively immediately. they would say we're serious. i think the american people would react positively, immediately, too. it would be a huge win for this president. the's worked. -- the policy worked. this president, and the prior president, president obama, had the courage to seven up and make the decision to use the tarp money in this way and now it has worked they should use it to pay down the debt and debt the double win of being able to say what we did was good policy. it wasn't popular policy

it was the bush administration and hank paulson who went to congress and ask for tarp money. it is fair to say that the obama administration has taken that baton and continued to run at full speed. the administration has taken on health care reform and attempting to address greenhouse gases. so, it is fair to say that he is part of that mad dash, but the mad dash began with the republican system. the guy's got scared and decided they had to act aggressively and even with that we're looking at an unemployment rate of close to 10%. host: we have a call from maine on the democrats' line. i'm sorry, i did not have my button push. caller: the problem is one thing -- hedge funds. you should know that i know. before you were born -- i have been in the market for an awfully long time. hedge funds are manipulators of stocks. the reason the fuel prices got up to $147 per barrel when there was no shortage of oil is because hedge fund futures were buying futures. they manipulate. one particular man who was a brilliant mathematician made it $1 billion for himself last year. he says that t

i remain very concerned about the management accountability and transparency of the tarp fund. tarp was envisioned as a fund to prevent our largest banks and financial institutions from failing. and to increase liquidity in our credit markets. today it encompasses 12 different programs, not just for banks but also for insurance companies and automobile manufacturers. it involves government funds combined with private funds adding up to almost $3 trillion. it is disturbing to me that we really cannot assess what the impact of tarp funds have been on recipients, whether it has increased lending. the treasury department has yet to articulate how it will measure if this injection of capital has been an effective use of taxpayer dollars. i am concerned that we are being asked to simply trust that this large infusion of capital into the economy will lift us out of severe financial crisis is complex origins are still being untangled. you both face great challenges in an attempt to reinvigorate our economy. these are truly extraordinary times. i am. to work very closely with year and p

the ground crew got the tarp on the field. we hope to come back with you real shortly. it's the bottom of the 9th. elijah duke at 1st base, nobody out. cincinnati has a 2-0 lead. we'll take you right back now to espn news. >> right now on "espnews" big poppy and the red sox have their eyes on the prize, unbeaten, 6-0, so far against the yankees, game seven tonight. the phillies have been struggling as of late. cole hamels takes on the mets going for his fifth win in a row. an emotional phil mickelson prepares to rejoin the pga tour as he and his family prepare to

this piece of legislation only deals with tarp recipients. but what it does is solve the unease and the problem that many of us have here in the senate and in congress with the fact that we have such large government ownerships in companies. and what this bill would do would be to set up a trust for all company ownership, tarp company ownership to be put into when stakes are larger than 20% of the company. what it would do is give the administration the ability to appoint three trustees to have a fiduciary obligation to the taxpayers of this country. it would be my hope that these trustees would be people like warren buffet or jack welch or people like that that we consider, all of us in our country, with respect and certainly to be knowledgeable participants. these trustees would be paid no money. they would do this as a duty to our country. and while their objective would be to look at these companies with fiduciary responsibility to the taxpayers, they also would be given the direction top unload these ownerships by december 24 of 2011. i

it is disturbing to me that we really cannot assess what the impact of tarp funds has been. the treasury department has yet to articulate how it will measure whether this injection of capital has been an effective use of taxpayer dollars. i am concerned that we are being asked simply to trust that these large infusions of capital into the economy will lift us out of this severe financial crisis whose complex origins are still being untangled. secretary geithner and commissioner shulman, both based great challenges -- you both face the great challenges. the truly are extraordinary times and i'm going to work very closely with you and i pledge to do so as well as with our chairman to make sure that you have the staff, the authority, and the resources that you need to serve the american people. thank you, mr. chairman. >> i invite my colleagues to make a brief opening statements. >> thank you very much, mr. chairman. you have taken on a great task. so far, i think the ball game is certainly going your way, but we're quite a distance from the end. as we meet today, the economy i

but they did an outstanding job to pull that tarp back.hey got the tractors on the participate and kept it on the field and that kept the infield dry. >> buck: that is pretty incredible how quickly the storm came about. it was about 3:56 and it just came out of nowhere and this grounds crew has done a heck of a job to get this field ready for the start of this game. >> jim: dave trembley looking for a win to hopefully make it six consecutive wins. they're 9-3 in the national league and the orioles are now 9-9 in the many of june. >> buck: now it is time for the pnc scouting report for the big left-hander andrew miller. he is 6'7" and comes out of the university of north carolina. he has a fastball, slider and changeup. there are many moving parts to his delivery. control can be a real concern. but when he is on and when he is pitching down in the zone, he does a heck of a job of keeping the ball in the ballpark. he doesn't give up many home runs, just two this season. he has an electric arm. the problem has been his command. he was origina

you want to have five debates and votes on tarp, ok. so here are our three amendments, two of which had to do with studies and the other was an amendment by senator sanders that said to the commodity future trading commission that we want them to use all the authority they now have, plus any emergency authority, use the authority you now have to start finding a way to shine the light on these unbelievable speculators that are running up the price of gasoline. not a very controversial amendment. it doesn't give the cftc new authority it deals with the question of the runup of the price of gasoline, but it doesn't give anybody new authority but the republican side said, no. we're not going to allow you to offer that amendment. we're going to tell you which amendments we intend to offer. and we say, ok, that's fine. whatever amendments you have, god bless you. just go ahead and offer them. but they say, but you can't subscribe to us a set of amendments, 553, and if the three includes an amendment to try to see if you can shut down some of

two days later we were asked by the same two bush appointees to initiate the tarp program of $700 billion. subsequently, we worked with the bush administration, and after we were unable to pass the bill because the house passed it and the senate bennett, involving the auto companies the bush administration initiated it. so we are talking now about a bush administration initiations of funding for aig, a bush administration request to congress to create the tarp, and the bush administration intervention without congressional final action for the auto companies. how that became a democratic agenda puzzles me. perhaps i will be enlightened later on. i do know that i have colleagues who believe that the world was created only 4000 years ago. i had not previously known there were some who thought it was created on january 20, 2009. so i do want to say we are engaged in this and we are engaged and have been engaged for months in dealing with the consequence decisions made by the bush administration, some of which i agreed with, some of which i agree with the course they weren't well carried out.

department of the treasury announced the repayment of tarp funds from 10 banks, totaling $6 .3 billion returned to the partnership program. the tarp repayment news is a promising sign that our beleaguered financial system is beginning to stabilize and taxpayer funds are being returned. while many of my colleagues and i have called for these repayments to be applied to help pay down the national debt, treasury secretary geithner has indicated that the return funds would free up resources for future bailout loans. i respectfully disagree with the secretary's position that these monies should be reused in the future. the repay taxpayer funds should only be used to pay down the ever growing national debt. i call on congress to pass h.r. 2119, legislation i am co-sponsoring, that would require the treasury to apply returned tarp funds to debt reduction itcht yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from florida rise? the gentleman is recognized. . upon earning a doctor of business admin

would, you know -- would banks say that, no, we didn't originally agree to this when we accepted the tarp money. and also, what's the way to finance it once the $700 billion tarp money runs out after 10 years or however long? >> which means they supposedly came to issue money. but they have basically changed the law since we passed it. i believe that it will continue to be a 700 trillion dollars slush fund for treasury if we don't take that money back. my question is what happens to it when it comes back. he says it comes back, we can reissue it. has not agreed as far as i know to sunset that. after 10 years, we just have to see where we're going. the point here is i believe you get everyone insured, you make information more transparent, the cost of health insurance is going to stabilize and probably fall if we allow it to be a competitive market. the thing to compare it with, though, is the multitrillions of dollars that a government takeover is going to cost us, if we go the president's way. >> question here? >> yesterday the president also said that as far as the government sponsored

and we had tarp. and we had four different other acronyms under tarp. and we didn't worry too much about the pay fors and who was going to pay for it. we let the printing presses roll because nobody wanted to see economic armageddon. could we have done it better? i think so. but that's yesterday's decision. so we should identify how this will be paid for or are we not going to pay for it? are we simply going to go ahead? there has been some discussion about some aspects of it that you would not pay for. there are other aspects that we need to go into because they involve probable tax increases. and now is not the time to be increasing taxes especially on the small business community, despite the need for health care reform. now, i think asking for these details is absolutely fair. i think it's necessary under the circumstances. in fact, i would be ignoring my responsibilities to my constituents in kansas if i did not demand these conditions be met. every single republican member of the finance committee and health committees signed the letter. every sin

. >> also on tuesday, judd gregg talked about the tarp program on the senate floor. >> i want to talk about two issues, i know the senator wants to continue this discussion. but there are a couple of things of their significance. -- phares significant -- fair significant. -- significance. the number of banks will repay the money that has been put out by the administration. now, when tarp was originally structured, the understanding was that we would buy assets in banks, or from and that at some time we would get the money back. as taxpayers. and you get back with interest. this is what is happening right now. money is coming back because the banks are restoring fiscal strength, this is coming back with interest of $4.5 billion. this is what will be paid back on the interest, relative to the preferred stock. the financial system was stabilized, during a time of cataclysm -- the cataclysmic time and the investments that remained, with the taxpayer money is being repaid, and the issue becomes, what will we do with the money? i think that this should go to reduce the debt. and the adminis

and ramon hernandez popped foul down the first base line, nice catch by nick johnson there on the tarpoes in the stands it's all down. >> rob: not just velocity. no lab ryan, his fastball was  little straighter than it was earlier in his career. here is nick johnson, great concentration, got to the tarp early, hanging on the rp waiting for the ball to do. >> johnny: d he has a is for 3 night, single to center back in the sixth. batting average. a .292 fothan 3 e.r.a. for those 16 games, up around 7, came down considerably. . >> johnny: and you  in the background who has to be really happy. >> rob: absolutely. and randy sinclair didn't do ththe pitchers to tait upon seto go job. ake it go out there, attack these guys. detwiler 17 first-pitch strikes tonight, doing a great job. >> johnny: jonny gomes with a base hit, súson consecutive. the reds get a n here in thtoofthe eighth inning. plus detwiler looking on. >> rob: went in, probably changed his shirt, put on a dry one, sweatshirt. protect your monemake  some of these young  the play-backsof thgame

it would say that the treasury can't put any more tarp funds to bail out general motors or chrysler. that while the government has stock in these companies, the secretary of the treasury or his designee has a fiduciary responsibility to the taxpayer to get a return on that investment. and most importantly, it says that in the year after general motors comes out of the bankruptcy, that the government should distribute its stock to the 120 million americans who pay taxes on april 15. in other words, let's have a big stock distribution the same way procter & gamble did when it distributed clorox or other companies do every year. we've got a core business -- the car company -- that has nothing to do with the owner -- us -- and we should give it to the owners, the 120 million people who pay taxes. that's what we ought to do. and the rationale is i paid for it, i should own it. that's the first amendment. now, senator corker, with a couple of cosponsors, including senator warner, from the other side of the aisle, he has another idea which i'm glad to support. a little different approach to

and who are we really indebted to and who have we had to pay back, that i feel like the first bush tarp stuff is about. thank you. guest: the caller has a good point, it's a problem of transparency. and there are a lot of money and that from south carolina are sloshing in the system, and we are not sure who is in charge of it. and it gives people a high anxiety that will provide a public outlet. host: we have joe. caller: hi, how do you factor public reform? guest: you are right, defensive medicine, doctors ordering tests to fend off the trial bar if something goes wrong and no one knows how

the tarp money, this story pointing out a quote from a senator from arkansas who says tarp was never meant to be a permanent program but an initiative meant to stabilize our financial markets and bring greater confidence to investors and businesses. it is only appropriate for that program to be phased out as expeditiously as possible. the first paragraph pointing out this detail that a bipartisan trio of senators will introduce legislation to make sure wall street bailout money paid to the government cannot be recycled to keep the program continuing. next is marlin from illinois. good morning. caller: here in illinois and employment is up to 10.1%. i disagree with the collar. -- unemployment is up to 10.1%. i disagree with the caller people are unemployable. i am finding a hard side job in information technology. -- i am finding a hard time finding a job in information technology. i take offense to the caller saying people who are unemployed cannot find jobs. host: some political stories this morning. the mayor of los angeles saying he will not run for governor. the decision may help

now for other companies who have received tarp funds, they will face restrictions, probably on their top 25 earners. barack obama administration has been trying -- it is a delicate balance to marry these two various proposals to make sure that we oversee host: them is there any precedent? guest: you have seen the government step in before, but it is a step beyond what we have seen in the past with the finance industry. especially because of public pressure you will see more desire require these guys making hundreds of millions in bonuses when their companies continue to destroy the economy for everyday people? host: this announcement today, a parallel story, is the fact that a number of banks who received federal aid will be repaying the money as early as this week. where they taken the step now? guest: because they do not want to face these restrictions. this money that they have received from the government -- especially last fall when there was no capital available for banks -- it is funny, because the banks will say that washington is interfering too much. half of these companies

many of these companies later moved under the troubled asset relief program, tarp. while new regulations issued by s.e.c. last fall were the first steps to protect companies, the s.e.c. has not done nearly enough. if naked short-sell something not policed and rules against market manipulation are not enforced effectively, naked short selling will continue to harm tarp, banks, and companies. if stronger regulation is not implemented, abusive short selling will impair the he's their third starter. with cole green on the mound, he's an outstanding young t pitcher, a pitch guy, a. three-pitch guy. he has the silence these l.s.u. bats.yo youngman did a great job as far as slengs them last night. they may be in a slump and cole green needs to capitalize onand that. >> coverage begins at:00 eastern, 6:00 central on espn and espn360.com.>> cov orel hershiser, appreciate your time. enjoy the game tonight in omaha. >> it's going to be great. ♪ >> well new york 2008, stephania -- steph curry was the darling of the ncaa tournament. this season he led the nation in scoring. tomo

caller: washington by itself has the right perception in try to help with the tarp program as well as the stimulus package, however, it is the financial institution still holding the government hostage. they did not want to ease a credit either for a home purchase, small-business enterprises, as well as vehicle loans. until we get a marriage between these two government entities i do not see the economy doing anything new. even warren buffett indicated that usually after a situation like this in which the government has induced and infused the tarp program and helped the banking industry there is usually about. there is no bounds. the reason why is because the financial institutions are not cooperating. host: calif., next on the end up in a mine. go ahead. caller: yes, i am not very hopeful about the economy straightening out. i have been laid off for about six months and working extremely hard. i have had only two interviews. host: what kind of work? caller: i was a welder, a technical wilder. i had a lot of management experience. -- a technical welder. but with everything going on i

audio] [applause] -- the tarp funds. i said that i thought they should go through chapter 11 reorganization. that did not mean that they would go away. at that time, the government could have done some of the things we were talking about today, guaranteeing the warranties so people could feel comfortable buying the cars, and then provide better financing. -- debtor financing. it probably would not have cost us anything. they would already be, i believe, much, much more on their way to recovery than they are under the current plan. i do not think we should be owning automotive companies the way the president has proposed. [applause] >> the next question comes from east peoria, ill., and he asks, "what are you doing to reach the younger voters?" >> that is a great question, because that is a great challenge for our party. president obama did a great thing with inspiring people. we also have to use technology. our party was behind the learning curve on technology, and you have to be on facebook. you have to be on myspace. y

the tarp is off the field. we are told that in about 20 minutes another cell is headed our way. we don't know if it is going to hit right in this area. if it does, it is fast-moving, which is good news, and we should see baseball here on time, if not with a little bit of a delay that is good news for somebody like chris ray who is back with the team. that is another big story today. alberto castillo was sent down after the series with philadelphia. chris ray has been recalled. when he first came often of tommy job surgery, it was clear he was trying to find consistency and he just couldn't find it. his e.r.a. ballooned over 9.00. he was demoted down to triple-a norfolk to try to get back on track and today dave trembley said all reports are showing that not only is his delivery consistent, he is finishing his pitching very nicely, and most importantly, it is obvious that he has his confidence back. and i talked with chris about this a little earlier. >> well, you know, i have been working and struggling with my arm all season and a couple of appearances ago i went out there and

we are working with the sec, the inspector general for the tarp, other multi- agency task forces and inspectors general to identify where these funds are going and for what purpose. we want to ensure that these funds will be appropriately utilized, and we will investigate and prosecute where necessary. our goal is to protect the financial services industry and by extension, the economy. to that end, we will continue to target those with the opportunity and the intent to harm and bester conference and the public at large. one certainly does not need to be a roosevelt scholar to know that in his opinion, common sense was as important as education, kerch of one's convictions should always prevail, and that integrity, integrity was the cornerstone of any endeavor, public or private. in the past century, we have seen great change for better and for worse. and while the players, the technology and the resulting damage is maybe novel, corporate fraud and corruption are as old as time. and the best tools at our disposal are the same as those espoused by roosevelt. hard work. credibility. ker

guest: number one, we do know how much the financial institutions have received from the tarp money. that is readily available to us. number 2, i think we have evaluated the role of the different institutions and we are going to continue to do more of that. remember, our goal here is to make sure that we do not suffer the same kinds of situation or consequences without a plan. so we want an exit plan so that the federal government and the taxpayers do not have to be -- do not have to put in the money to restore stability to our financial markets again. host: may i clarify -- is the public able to access not only how much the banks were given, but how much it was used -- but how it was used? guest: how it was used is still an open question. but i am sure we can get you that information based on who we see with park money -- with tarp money. caller: good morning. representative, earlier this year when republicans released their budget plan, it was 16 pages with no numbers. yesterday the republicans released their health care plan, four pages with no numbers. do you have any idea how ma

host: some of the bank's net of taken tarp money are now paying the federal government back. you see it as a sign of success? guest: the funny thing is, the federal government has been trying to discourage banks from getting money back because they don't want to encourage people to think less highly of the companies that are not paying the top money back, but it is sort is growing. i do think it may be in part a sign of success in the sense that the financial system certainly looks much more stable than last four digits last fall, but also a sign that people don't want to enter the political thicket, they don't want the conditions that come with tarp money and they did not want the possible future conditions or second guessing from congress that might come with the funds. host: detroit, michigan. john joins us on independent line. you are on the air. john, good morning, can you hear us? caller: good morning. i'm a retired businessman, 40 years of international business and i lived in canada and england and i have family that lived in france and i hear all of these stories of