By Serena Lynn, Editor, the CCH Federal Banking Law Reporter and Bank Digest.
House Committee on Oversight and Government Reform Republicans have sent a letter to President Barack Obama expressing concern over the Administration's intention to redirect taxpayer money from the Troubled Asset Relief Program (TARP) to pay for new programs. "We are deeply troubled by your willingness to ignore the clear intent of Congress, which enacted TARP as a temporary measure designed exclusively to stabilize the financial markets," Committee Republicans wrote. "Spending billions of dollars on additional wasteful attempts at creating jobs through government projects does not reflect TARP's original purpose and ignores the will of the people's representatives in Congress." The letter was signed by the Committee's Ranking Member Darrell Issa, R-Calif., and Reps. Dan Burton, R-Ind., Mark Souder, R-Ind., Brian Bilbray, R-Calif., Lynn Westmoreland, R-Ga., Jason Chaffetz, R-Utah, Blaine Luetkemeyer, R-Mo., Jeff Flake, R-Ariz., Jim Jordan, R-Ohio, and Mark Souder, R-Ind.