Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to reports that President Bush and President-elect Obama will request the remaining $350 billion authorized for the Troubled Assets Relief Program by the Emergency Economic Stabilization Act of 2008:
“I expect to receive the Administration’s request for $350 billion – the second half of the emergency money we set aside late last year – to stabilize our financial system and get our economy back on track. The American people have a right to be wary of this request, as the first half of the Troubled Assets Relief Program was not managed as well as we had hoped or intended.
“But I am encouraged that the President-elect recognizes how important it is that the American people can see how and where their money is spent. It is essential that any request comes with guarantees of transparency, oversight and accountability in return, as well as a renewed commitment to use the funds to ensure the availability of credit for consumers and small businesses. These are indispensible principles that must be adhered to if the Senate is to support it and if it is to be successful.”