corker votes to end tarp bailout program and use remaining funds to pay down the federal debt

WASHINGTON - U.S. Senator Bob Corker, R-Tenn., today voted for an amendment (amdt.#3301) introduced by Senator John Thune, R-S.D., that would end the Treasury Department’s Troubled Asset Relief Program (TARP) as Congress intended.  Any unobligated funds remaining would be used to pay down the federal debt, which is $12.32 trillion and rising.  The amendment, cosponsored by Corker, failed by a vote of 53 to 45.  Sixty votes were required for passage.
“Congress authorized TARP to prevent a cataclysmic financial crisis, and it’s now past time for a responsible exit strategy from the program,” Corker said. “Shutting down TARP in this way will be a first step toward ending the 'too big to fail' mentality and will also ensure that any remaining funds left will be used to pay back taxpayers through debt reduction.  TARP was borrowed money, and every penny of re-paid TARP moneys should be used to pay down our debt.”