Michele Bachmann on TARP

Last Updated : Sep 30, 2011

Summary

Congresswoman Bachmann has opposed the TARP program from it's inception, and voted against the Emergency Economic Stabilization Act of 2008, which created the TARP program. With the initial collapse of Bear-Stearns and the panic which ensued afterwards, Congresswoman Bachmann called for calm, and mocked the repeated assertions of "too big to fail." 

As it became obvious that a government program would be created to address the financial crisis, Congresswoman Bachmann stated that Congress was being told that the consequences of inaction or even of deliberative action would be severe; but that the consequences of hasty action were just as dire. She noted that Secretary Paulson is asking taxpayers to pony-up $700 billion to buy Wall Street’s debt without a vote by the American people. She stated that shareholders in companies that receive government funds should not make a profit off those funds, and referred to the taxpayers as the "forgotten man."

As the TARP program came into focus, Congresswoman Bachmann noted that the US people had been told numerous times that financial commitments to Bear-Stearns, AIG, and Fannie-Mae and Freddie-Mac would solve the problems and each time more bailouts were requested. She stated that the bailouts should stop and that Fannie and Freddie should be placed into receivership.

Just before the initial vote on the EESA, Congresswoman Bachmann noted that if a lack of credit was the problem in the economy, suspending mark to market rules and other items would have a larger and better effect than the infusion of cash. When the vote initially failed in the House, Congresswoman Bachmann stated that the plan was rushed, unworkable, and short-sighted.

When President Bush and President-Elect Obama asked for the second half TARP, Congresswoman Bachmann again stated that the measure was rushed and done without proper consideration. She stated that Congress was committing the next generation to servitude in passing the legislation.

When President Obama had the stock purchased with TARP changed from preferred to common stock, Congresswoman Bachmann noted the illegality of the move and cited it as further evidence that the program was out of control.

In the time that followed, Congresswoman Bachmann was highly critical of the implementation of the TARP program, oversight of the program, and cost of the program. She repeatedly called for ending the program and returning any remaining funds to pay down the debt.

 

Reaction to Bear-Stearns Bailout

In July of 2008, Congresswoman Bachmann appeared on Bloomberg and discussed the federal reserve bailout of Bear-Stearns.

 

Response to Proposals

In September of 2008, Congresswoman Bachmann released a statement noting her opposition to any proposals to bail out banks using US money.

 

Fox News Appearance

In September of 2008, Congresswoman Bachmann appeared on Fox Business and spoke about her opposition to the continuing bailouts.

 

Opposition to Bailout Plan

In September of 2008, Congresswoman Bachmann released a statement noting her opposition to a possible bailout of the banks by the government.

 

Fox News Appearance

In September of 2008, Congresswoman Bachmann appeared on Fox News and spoke about her opposition to the TARP legislation. She noted the unprecedented amount of power obtained by the Treasury Secretary on the economy and on deciding who fails and who survives. She asserted that cutting taxes in business would allow companies to create jobs and grow the economy and the reduced tax burden may help companies survive.

 

Financial Services Hearing

In September of 2008, Congresswoman Bachmann released a statement noting a speech she made in Committee on possible solutions to the emerging crisis.

 

Floor Speech on Bailout

In September of 2008, Congresswoman Bachmann spoke on the House floor about the initial bailout legislation's failure to change mark to market rules. A few days later, she spoke on the floor to reiterate her belief that neither she, nor the American public was convinced that the actions prescribed in the legislation were necessary.

 

Response to Initial TARP Failure

In September of 2008, Congresswoman Bachmann released a statement noting her response to the initial failure of the TARP legislation to pass the House.

 

 

Second Rejection of Paulson Plan

In October of 2008, Congresswoman Bachmann released a statement noting her continued opposition to the Paulson plan.

 

Demand for Testimony

In October of 2008, Congresswoman Bachmann released a statement noting a letter she sent to Banking Chairman Frank to require testimony from those accountable for the financial crisis.

 

Transparency in the Markets

In October of 2008, Congresswoman Bachmann released a statement calling for more transparency in the financial markets.

 

Financial System Reform

In October of 2008, Congresswoman Bachmann released a statement noting her opinion on reforming the financial system.

 

Fox News Appearance

After the passage of TARP, Congresswoman Bachmann appeared on Fox News and spoke about the legislation. She noted that the American people would not tolerate an additional bailout after TARP. She noted that although businesses were in decent shape, the fear generated by the financial crisis was adding to the problem.

 

Financial Services Hearing

In November of 2008, Congresswoman Bachmann released a press statement noting a speech at the financial services hearing.

 

Call for More Oversight

In October of 2008, Congresswoman Bachmann released a press statement noting a letter sent to Senate Majority Leader Reiad calling for more oversight of the bailout.

 

Opposition to Additional TARP Funds

In November of 2008, Congresswoman Bachmann released a press statement noting her opposition to the release of the addition $350 Billion in TARP funds.

 

Statement on Bailout Oversight

In December of 2008, Congresswoman Bachmann released a statement noting her statements on oversight of the bailout.

 

Opposition to Rush for Second Installment

In January of 2009, Congresswoman Bachmann released a statement noting her opinion that the rush to enact the second installment of the TARP legislation should be slowed.

 

Fox Business Appearance

In January of 2009, Congresswoman Bachmann appeared on Fox Business and spoke about the second installment of TARP funds and the need to allow Republicans to offer amendments.

 

Amendment to TARP Reform and Accountability Act

In January of 2009, Congresswoman Bachmann released a statement noting an amendment that she had introduced to the TARP Reform and Accountability Act.

 

Rejection of Amendment

In late January, Congresswoman Bachmann released a statement noting the failure of her proposed amendment to the TARP reform legislation.

 

Larry King Live

In March of 2009, Congresswoman Bachmann appeared on Larry King Live and spoke about the AIG bonuses and the need to have an exit strategy from AIG.

 

TARP Becomes a Revolving Door

On March 18, 2009, Congresswoman Bachmann wrote an op-ed discussing what has been done with TARP funds once they have been repaid to the government. She notes legislation that she has co-sponsored to require funds paid back to TARP to be used to pay down the debt.

 

Response to AIG Bonuses

In March of 2009, Congresswoman Bachmann released a statement noting her reaction to news that AIG had issued bonuses after receiving bailout money.

 

 

The Stimulus and AIG Bonuses

In March of 2009, Congresswoman Bachmann spoke on the House floor about language in the Stimulus that protected the AIG bonuses.

Days later, Congresswoman Bachmann appeared on Fox Business and spoke about the Democratic involvement in AIG bonus language and expanding the power of Treasury.

 

Need for TARP Reform

In April of 2009, Congresswoman Bachmann appeared on the Glenn Beck program and spoke about TARP program changes to move from preferred stock to common stock.

 

Glenn Beck Appearance

In April of 2009, Congresswoman Bachmann appeared on the Glenn Beck program and spoke about the change of stock from preferred to common stock in companies that received TARP funds. She then discusses the involvement of politics in decisions made at General Motors.

 

Show us the Money

In April of 2009, Congresswoman Bachmann wrote an op-ed calling for the Federal Reserve to open it's books and let the American people know which foreign banks received money from the program and what liabilities the US was obligated to cover.

 

TARP as a Slush Fund

In May of 2009, Congresswoman Bachmann wrote an op-ed referring to the TARP as a slush fund. She noted legislation that she had cosponsored that would require repaid TARP funds to go directly to paying down the debt.

 

TARP Program Could Cost $23 Trillion

In July of 2009, Congresswoman Bachmann wrote an op-ed discussing the TARP program and stated that it's eventual cost could reach $23 trillion.

 

Consumer Protection and Regulatory Enhancement Act

In July of 2009, Congresswoman Bachmann released a press statement noting her support for the Consumer Protection and Regulatory Enhancement Act.

 

End TARP Before 2010

In December of 2009, Congresswoman Bachmann wrote an op-ed discussing a letter she and numerous other Congressmen had sent to Treasury Secretary Timothy Geithner asking him to end the TARP program before 2010.

 

New Hampshire Debate

In June of 2011, Congresswoman Bachmann appeared in the Presidential Debate in New Hampshire and stated that she fought her own party behind the scenes on TARP attempting to stop the legislation.

Voting Record

Emergency Economic Stabilization Act

In October of 2008, the House passed the Emergency Economic Stabilization Act of 2008. Support and opposition to the legislation were both bipartisan. Michele Bachmann voted against the Emergency Economic Stabilization Act, which created the Troubled Asset Relief Program (TARP).

Michele Bachmann voted against the Emergency Economic Stabilization Act, which created the Troubled Asset Relief Program (TARP).

Emergency Economic Stabilization Act

In September of 2008, the House made an attempt to pass an initial version of the Emergency Economic Stabilization Act of 2008. The attempt failed 205-228. Michele Bachmann voted against the initial passage of the Emergency Economic Stabilization Act.

Michele Bachmann voted against the initial passage of the Emergency Economic Stabilization Act.

 

Sponsored and Cosponsored Legislation

This representative has not been identified as sponsoring or cosponsoring significant legislation related to this title.

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