United States Congress

Washington, DC 20515

Dear
Member of Congress:

On
behalf of the millions of taxpaying citizens represented by the public interest
organizations below, we write to strongly encourage you to swiftly pass a
notice of disapproval on releasing the remaining $350 billion in Troubled Asset
Relief Program (TARP) funds.

From
the beginning, the TARP plan was questionable, but a number of Members
nonetheless resolved to support it.  It
should be clear now that this was a mistake.

The
stated purpose of the TARP was to purchase toxic mortgage assets.  Secretary Paulson abandoned this concept
immediately after the signing ceremony. The TARP was also designed to
reintroduce the flow of credit into the market and help stabilize Wall
Street.  To date, neither has been
accomplished.

In
addition to misleading Congress about his intent on the use of TARP funds,
Secretary Paulson has invaded the free market, propping up some companies to
the detriment of others and purchasing stock in banks without requiring
accountability or transparency about the use of taxpayer funds.

The
TARP legislation specifically requires that before the second half of the $700
billion is released, the President provide Congress with a written report
detailing how the additional funds are to be used.  A request to spend the second half of the
funds without restraint does not meet the requirements set forth in the
bill.  In addition to requiring this
detailed plan, Congress should require an accounting and detailed explanation
on how the initial TARP funds have been used and the prospect of a taxpayer
recovery of these funds.

Congress
now has an opportunity to preserve some of the taxpayers' assets and should
spend the necessary time studying the underlying causes of the economic
down-turn by passing a TARP disapproval resolution.  We encourage you to take such action.

Sincerely,

Related Files: TARP Disapproval Letter.pdf