Sherrod Brown on TARP
Senator Brown voted for and supported the Emergency Economic Stabilization Act, which created the Troubled Asset Relief Program.
In April of 2009, Senator Brown help introduce the TARP Transparency Act which directs the U.S. Department of the Treasury to more aggressively compile and disclose how TARP funds have been used.
Taxpayers deserve comprehensive and robust oversight of how TARP funds are being used. Given the tremendous investment made by taxpayers, it is critical that Wall Street banks use TARP funds to unfreeze credit markets so that Main Street businesses and families can get our economy back on track. This is about protecting taxpayers through aggressive collection and disclosure to Congress of TARP fund use.
In June of 2010, Senator Brown responded to revelations that some purchases made through TARP were said to investment grade, but may not have been.
Either the Fed did not understand the distressed state of some of the assets that it was purchasing from banks and is only now discovering their true value, or it understood that it was buying weak assets and attempted to obscure that fact
Emergency Economic Stabilization Act
In October of 2008, the Senate passed the Emergency Economic Stabilization Act, which created the TARP program. The legislation passed 74-25. Sherrod Brown voted in favor of the Emergency Economic Stabilization Act.
Sherrod Brown voted in favor 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.