Graves Releases Statement On Report Taxpayers Owed Billions In Bailout Money

Thursday, January 26, 2012

Representative Tom Graves (R-Ga.-09) issued the a statement Thursday, in response to a report by a government watchdog group that found U.S. taxpayers are still owed $132.9 billion from companies that received money from the financial bailout.

The Troubled Asset Relief Program is a $700 billion project launched in September 2008 to bailout private financial companies. The report also found that some of the bailout money may never be repaid to taxpayers.

Representative Graves supported H.R. 830, the FHA Refinance Program Termination Act, and H.R. 839, the HAMP Termination Act. H.R. 830 would rescind any unused TARP funds directed to the Federal Housing Administration Refinance Program to pay down the overwhelming federal debt.

FHA Refinance Program dollars are not given to homeowners, but to lenders and banks, and only helped 44 people over two years. H.R. 839 would rescind any unused TARP funds for the Home Affordable Modification Program. President Obama directed $30 billion to HAMP through TARP with the promise of HAMP helping four million homeowners. However, HAMP has only helped about 13 percent of the homeowners President Obama estimated, and the re-default rate among those helped is alarmingly high.

Representative Graves said, “The federal government should never use taxpayers’ money to decide which companies should survive or fail. While I was not a member of the House when Congress passed the bailout, I most certainly would have voted against it. The federal government should never be allowed to pick winners and losers in the marketplace. This report’s determination that taxpayers are still on the hook for more than $130 billion is additional evidence that the government should stay out of the private sector, and let the free market work efficiently. I strongly oppose bailouts, buyouts, cash for clunkers – or any other program where the federal government inserts itself into free enterprise.

“Government has a poor record of making wise decisions with taxpayer dollars. This report is further evidence of that. This is why I supported H.R. 830, the FHA Refinance Program Termination Act, and H.R. 839, the HAMP Termination Act. Unfortunately, these common sense bills to end these two failed projects and save taxpayer dollars have been stonewalled by the Senate.”


More Than $1.5 Million In Water And Wastewater Construction Loans Awarded

Tennessee Governor Bill Haslam and Tennessee Department of Environment and Conservation Commissioner Bob Martineau announced that one community and one Utility District have been approved to receive more than $1.5 million in low-interest loans for water and wastewater infrastructure improvements. “One of the ways we can continue to make our communities great places to live is ... (click for more)

TechTown To Host A Free Hour Of Code Event Saturday

The Hour of Code is a global movement reaching over 100 million students in over 180 countries. The Hour of Code started as a one-hour introduction to computer science, designed to demystify "code", to show that anybody can learn the basics, and to broaden participation in the field of computer science. It has since become a worldwide effort to celebrate computer science, starting ... (click for more)

Lawsuit Says Girl Received Severe Traumatic Brain Injury In Woodmore Bus Wreck

A new lawsuit in the tragic Woodmore Elementary School bus wreck said one girl on the bus suffered a severe traumatic brain injury. Attorneys Joseph Fried and Michael Goldberg of Fried Rogers Goldberg LLC filed a lawsuit in Hamilton County Circuit Court on behalf of the minor daughter of Shanquatta Byrd. The bus driver, Johnthony Walker, was transporting 37 students from ... (click for more)

Officer Who Was Shot Returned Fire; Is Recovering Well; Shooter Still On Loose

Chattanooga Police Chief Fred Fletcher said Monday morning that the officer who was shot three times on Thursday is recovering well.   Chief Fletcher said the officer was wearing a bullet-proof vest and one bullet hit the vest, which protected him during the shooting.  The officer was able to return fire, although Chief Fletcher would not comment on how many bullets ... (click for more)

Signal Mountain Couldn't Manage Public Education

I have been reading the buzz about Signal Mountain and other small municipalities considering a move to form their own school district within their municipal boundaries.  It is quite the comedy hour considering the notion that small cities that for decades could not even manage small sewer systems or 911 districts, are somehow going to do a better job with public education ... (click for more)

Roy Exum: School Board Can’t Wait

It took the Hamilton County School board nine months before the group hired a search firm to find a new superintendent. But you mark my words – the Department of Education will undoubtedly implode if our leaders wait another nine months simply hoping for some type of mystical salvation. In the last week Signal Mountain leaders have all but given notice they will form their own district ... (click for more)