Accepting Our Money Back
Rep. McClintock gave the following floor speech on April 21, 2009.
Mr. Speaker: Many Americans have been shocked in recent days to learn that banks seeking to repay TARP money have been told the treasury will not allow them to do so.
Taxpayers were promised that this money was only to be used to buy up toxic assets and that it would be repaid to the treasury as soon as humanly possible.
And yet, when several banks have attempted to do precisely that, they’ve been told that the treasury will not allow them to do so.
This is a travesty. Just a few weeks ago, many members of this House reacted to the AIG bonus fiasco by saying, “We want our money back.” And yet when some banks have attempted to do just that, they’ve been turned away at the treasury gates.
M. Speaker, today I have introduced legislation to require the Secretary of the Treasury to accept TARP repayments unconditionally and immediately when they are presented. I hope that I can count on the support of all those who promised constituents these funds would be repaid at the earliest possible opportunity.
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Thank you for sponsoring this
Thank you for sponsoring this bill and for doing such a good job of representing people like me who work hard for our money and don't want it to be taken away and wasted by the federal government.
Tom for President !!! Go Tom
Tom for President !!! Go Tom Go !!!
Tom, It is awesome that you
Tom,
It is awesome that you are introducing this bill. What is sad though is that it takes a bill to be introduced for banks to repay the money they loaned from Americans. While I am not for the bailing out I do think that this is a great thing you are doing.
Tom, You continue to
Tom,
You continue to be a breath of fresh air. Keep on trucking!
Fred
Freedom of Information
Freedom of Information Requests?
Do you/we have a copy of the agreement between a bank and the Government? Does the agreement give the Government the power to prevent payback of TARP funds? If not, where does Treasury think they derive this power to preclude a bank from paying back TARP money? Is there an avenue in the courts to get a restraining order?
What is the source of the power by which the Govenment could fire the CEO of GM? That is typically a power reserved to the directors of a corporation under most Corporation Codes. And, the shareholders elect the directors. It seems like the shareholders have a legal course of action?
In general, it seems like the courts could protect us from unchecked power of the Administrative and Legislative (Democratic) branches?
My dad was a democrat. I grew
My dad was a democrat. I grew up thinking I was a democrat. Now I think I'm for who ever is doing whats right for the people and the United States. That's you Tom. Stay strong don't give up. Thank you
As a strong conservative, it
As a strong conservative, it comes as a surprise that I find myself completely supporting the NATIONALIZATION of the banksters. The reason is because, constitutionally, banksters do not have the legal right to create or issue money. Using 'marginal banking', they are in essense counterfeiting trillions of dollars. Robbing US, Americans, of TRILLIONS, while bribing polititicians with PAC 'contributions' to both parties. This ensures that whoever wins, owes them. Further, this has enabled the bubbles of late, that empowered the current depression. Any politicans accepting these bribes are guilty of treason.
Way to Go Tom, try to keep
Way to Go Tom, try to keep them honest back there. And yes I know that is almost an impossible task. I am glad we put such a man as you back in DC to represent us.
Thank You
Bob
Dear Sir: My comment was for
Dear Sir:
My comment was for Congressman Mc Clintock. I did not intend it for publication.
Sincerely,
Don Fadden
Hang in There Tom. Maybe you
Hang in There Tom. Maybe you and JOhn Boehner alone can get the rest of the so called Republicans to act like men and stand up for this country. You seem to be the only 2 who really care about America. We have always liked you and we are glad to see you in your position. Are you and Boehner going to get together on a ticket for 2012?
I hope fiscal conservatives
I hope fiscal conservatives take back California. We need to defeat props 1A-F and make sure the 2/3 vote and prop 13 stay in place. Many businesses left california taking with them our big tax base. The libs want non-tax paying people because they can promise them free hand-outs for votes and thats what they are all about (staying in power). Tom I think you are honest and have the knowledge to lead California in the right direction, wish you were running for govenor.
You speak to my fiscal mind
You speak to my fiscal mind on a daily basis and it is music to my ears. I live in your district and am happy you are in Washington representing me now - you are the ONE elected official in Washington that I would NOT vote out! Please keep up the good fight and help us to elect a fiscally repsonsible governor in our once great state of California. As they say "as California goes, so goes that nation..." very scary, indeed.
Are you going to release your
Are you going to release your views on the Propositions soon?
Keep up the good work, Tom!
Keep up the good work, Tom! We're glad you're in D. C. and fighting for all of us.
Propositions: Yes, Tom, we
Propositions: Yes, Tom, we count on your take on the state propositions, and I forward them to family and friends. Thanks for your good work.
Your Mother may think you are
Your Mother may think you are great Congressman, but I am no longer impressed. The banks that so desperately needed the money, and now are trying just as desperately to "give it back" obviously have something to hide. How do you know they won't be zombies - non-functioning giants whose only purpose is to justify astronomical salaries and bonuses for the thieves who run them for decades on end. Why don't you instead argue that taxpayers get equity for the money these 'too big to fail" institutions needed. The conservatives really made a mess of the economy, haven't they!
Sincerely
Rob Gordon
p.s. The next time you start ranting about "socialized medicine" remember to do the honorable thing and dump your government supplied health insurance (which is socialized medicine by the way) for yourself and your family. I realize you have never had a real job, so this would give you a taste of what it is like to be one of those losers without health insurance. job in many
Tom - I am pleased to see
Tom - I am pleased to see someone in Congress doing the right thing for the right reasons. Hopefully your fellow Republican legislators and Democrat legislators who have common sense as their guide will support your effort to pass this legislation.
Finally a man with common
Finally a man with common sense. Please let the Czars know that this is not Russia, or Communist China, or the Islamic Republic of Iran. What an embarrassment the left is to our nation.
Rep. McClintock, Thank you,
Rep. McClintock,
Thank you, Thank you. I recently received a questionaire in the mail from Michael Steele. He wanted to know how to get the Republican Party back on track. After answering several multiple choice questions, I was finally given a chance to speak my mind in my own words. The question was basically.."What do you want us (the Republican Party) to do?" I said two things. (1) Let Tom McClintock have a larger voice. (2). Make the book "Liberty and Tyranny" by Mark Levin, mandatory reading for all Republican representatives. Again, Thank you for standing up for private enterprise. Also, someone needs to get loud about President Obama making demands of credit card companies and Auto Makers, etc. This is a fiasco and getting worse everyday.
Great Tom. I noticed TCF bank
Great Tom.
I noticed TCF bank paid it back and was forced to cut its dividend.
(
http://www.finance-commerce.com/article.cfm/2009/04/24/TCF-Financial-rep...
via
http://www.scsuscholars.com/2009/04/cost-of-tarp.html
via
http://hotair.com/archives/2009/04/24/tcf-bank-pays-off-tarp-pays-extra-...
)
Others like Wells Fargo are complaining about the inability to pay back, but it looks like they may be willing to do it if the uncertain nature of the government's punitive response is removed.
( http://www.businessinsider.com/wells-fargo-chairman-still-fuming-about-t... )
Here's more info on the Bill.
I wish the blog had a link to it...I guess it will after my comment gets posted.
http://www.govtrack.us/congress/bill.xpd?bill=h111-2009
H.R. 2009:
To amend the Emergency Economic Stabilization Act of 2008 to permit immediate repayment of direct capital investments received under the Troubled Asset Relief Program.
111th Congress
2009-2010
Tom - I am pleased to see
Tom - I am pleased to see someone in Congress doing the right thing for thre right reasons. Hopefully your fellow Republican legislators and Democrat legislators who have common sense as their guide will support your effort to pass this legislation.
Thank you for not giving
Thank you for not giving these crisis generating and complaining socialists an inch. We pray that the republican party gets some backbone and gives back to the left what they so long are willing to accept without question. We conservatives are powerful and do not cowtow to anyone when our country is in the ballance. Thank you Tom for being on the front line for us. Hopefully the rest of the party will see what you are made of and follow and possibly figure out why they lost congress in the last cycle. Thanks again
I support your position 100
I support your position 100 percent
Please allow the banks to pay
Please allow the banks to pay back TARP funds as originally proposed. Do not all Federal Takeover of the banks. We live in a free society and the absolute government control of the banks is confiscation and again every principal of American law and justice!
The United States government
The United States government works for the people and as a citizen of this great nation, I insist that my government officials allow banks to repay the TARP money. The people have had enough!
Way to go Senator McClintock
Way to go Senator McClintock ! We are so proud of you and
thank you for your dedicated efforts and accomplishments for
our beloved America.
Go Tom GO Your adopted
Go Tom GO Your adopted Brother and Mother both Love you and respect all you are doing for the State in our Nations Capitol. I will be back there to see you soon. and I look foward to being able to take you out to a good ol home made sack lunch on the steps of the Capitol on a nice spring day.....Scott and Pat Smith of Thousand Oaks
We appreciate your trying to
We appreciate your trying to do something about the out of control people in the House.
The peope are very, very angry.
For the Republicans it started with George Bush turning his back on his base when he, Kennedy, and McCain tried to push through the illegal bill without the people wanting it. We feel no one in Washington gives a rat's behind what the people want. What a sad, sad time in our history when they care more about the lobbists than the country.
Ruth
Great Idea Tom, but I hope
Great Idea Tom, but I hope that your legislation includes that the government gets out of the banks business completely once the bank pays back the TARP money.
I hope you can get the rest
I hope you can get the rest of the Republicans to stand with you and maybe that would encourage a few liberals to join in. I fear for our future with liberals in the majority and RINO (said they were conservatives) that will vote with them. California has already gone over the edge with the largest tax increase in history already in place and 1 A-F coming up for a vote. If the tax-paying residents keep leaving all that will be left in California will be non-tax paying people; wonder what the libs will do then? Stand strong Tom because you, and the few real conservatives left, are our only hope.
We're with you, Tom! Enough
We're with you, Tom! Enough is enough! It's enough that we have lost our business to the housing market crisis because of bad decisions in Congress! ! (We were in construction building houses!) But on top of that to pay more taxes! Governor Schwarznegger has been a big disappointment. He wasn't for the people at all! And I can't even bring myself to call Obama President! He, Reid and Pelosi and the rest of their cronies are only concerned about themselves and their own power, not the people of the United States of America! We, the people will need to stand together!
Congressman McClintock: It is
Congressman McClintock:
It is with great joy that I see a Republican actually stand for conservative values. In the 52 years that I have lived in this great country I have never feared for its future as much as I do now. If the RINOS is Congress don't start to get a backbone I'm afraid that ALL will be lost.
Please keep up the good fight.
Sincerely,
Nelson M. Gomes
We know it's a tough job
We know it's a tough job wading through the quagmire of Washington and are proud that we have someone representing us who is willing to get his feet muddy. Unfortunately, our deepest fears are becoming reality as we slowly sink into socialism. It will take men and women of your courage and conviction to stave it off. I keep wondering how long before more people wake up and smell the coffee. Keep at them Tom.
I was proud also to see you at the Sacramento tea party.