Barney Frank is at it again with the “TARP for Main Street Act of 2009”
According to the Washington Examiner this bill would:
- take $1 billion "from dividends paid by financial institutions that have received financial assistance provided under…the Emergency Economic Stabilization Act" and apply it to a trust fund that Frank has long wanted to create for low-income rental housing
- take $1.5 billion from TARP dividends for a so-called "neighborhood stabilization" fund. Republican critics have charged that both measures might allow federal dollars to be distributed to activist groups like the Association of Community Organizers for Reform Now, or ACORN.
- spend $2 billion, apparently from remaining TARP funds, to subsidize people who are delinquent on their mortgages, and another $2 billion to "stabilize multifamily properties that are in default or foreclosure."
All of this in spite of the fact that the original TARP legislation required that money made from the program "shall be paid into the general fund of the Treasury for reduction of the public debt."
Article HERE
