The national debt has skyrocketed in the past few years, and we must do everything we can to bring it under control. Recently, I introduced the Repaying the American Taxpayer Act of 2009 which would force the Department of Treasury to use all returned funds from the bank bailout to pay down the national debt.
The bill, which was referred to the House Committee on Financial Services for consideration, would amend the Emergency Economic Stabilization Act, also known as TARP, to require revenues from the sale of TARP-related assets to be directly applied to the national debt while simultaneously reducing the debt ceiling for every dollar of TARP money returned to the Treasury.
When the first allocation of hundreds of billions of TARP dollars was used to buy preferred stock in hundreds of financial institutions, we were assured this was necessary in order to free up lines of credit for everyday Americans who needed to buy a car, a home, or pay their bills.  Instead these banks hoarded the funds rather than putting them out on Main Street as available credit. Many continued to award obscene bonuses to their executives in order to “retain” their expertise.  Meanwhile, those everyday Americans who were assured their tax dollars were going to a good cause have continued their struggle to get a small loan or a credit card.
I was not in Congress when the first half of TARP funds were voted on and I joined a majority of my colleagues in opposing the second half of funds.  Due to the initial lack of oversight and accountability, TARP has been a mismanaged program from the beginning. Furthermore, Americans were sold on the promise that revenues from the sale or return of TARP-related assets would be applied toward the public debt.  What the American people were not told was that as long as the U.S. is running a deficit, the revenues from TARP-related funds would simply return into the Treasury’s general fund. 
The Repaying the American Taxpayer Act of 2009 will help rectify this situation and use the returned funds for what they should be used for – to pay down the national debt. I am proud to say that this bipartisan bill has garnered support from both sides of the aisle including many of our North Carolina congressional delegation. My fellow Representatives Howard Coble (NC-06), Sue Myrick (NC-9), and Virginia Foxx (NC-05) have signed on as co-sponsors of this legislation.
It has been suggested that TARP funds could be recycled or re-loaned to other banks requesting assistance from the federal government. This is unacceptable. These funds must be used to begin reducing the national debt, not to bailout more banks.  The legislation requires the Treasury to seek Congressional oversight before handing out more TARP funds.
The original legislation must be amended to protect our taxpayers, and ensure more immediate oversight to how the returned funds are used. While the banks have raked in billions, folks are still struggling to secure loans to protect their homes, buy cars, or to pay their bills. American taxpayers deserve better than that.
When I asked for the honor to be your Congressman, I promised to bring common-sense and responsibility to the halls of Congress. The Repaying the American Taxpayer Act will bring much-needed accountability to the TARP program.
I will continue to make sure your voices are heard in Washington.