Rep. Andrews calls for increased accountability among TARP lenders

WASHINGTON, D.C. - Today, Congressman Rob Andrews (NJ-01) held a press conference on Capitol Hill to call for greater accountability and oversight among Troubled Asset Recovery Program (TARP) lenders. TARP, an initiative under the Emergency Economic Stabilization Act of 2008, is designed to help expand available credit for consumers and businesses, and restore liquidity and stability to the financial system of the United States. Yet, despite the $850 billion boost in lending power, more and more credit-worthy Americans are being denied an opportunity to borrow the capital needed to withstand the economic downturn and keep their small businesses afloat. Countless Americans remain disillusioned, having been unable to borrow TARP funds while being unaware of how these taxpayer dollars are being used.

Congressman Andrews called on local small business owners, who have been denied loans from TARP lenders, to log onto his website www.house.gov/andrews/tarp.shtml and share their stories. The Congressman plans to compare these concerns with the information released by the Inspector General in June, which intends to disclose how TARP dollars have been used. If it appears that a significant amount of TARP banks are failing to lend, Congressman Andrews will join House Leaders and work with the Treasury Department to reform TARP so that credit-worthy businesses can obtain the capital needed to grow and contribute to our nation's recovery.

"I have encountered dozens of constituents who have told me that despite their high credit ratings, long history of profitable business, and personal guarantees, they are being denied the ability to borrow from TARP lenders," Congressman Andrews said. "When the Inspector General releases his report in June, detailing how the 345 TARP lenders used these funds, we will compare their findings with the stories. I believe these stories are not merely anecdotal but representative of an overwhelming amount of American small businesses."

If you are a small business owner struggling to obtain a loan, feel free to log onto http://www.house.gov/andrews/tarp.shtml and voice your concerns so that Rep. Andrews can assist you in finding the best available sources and work with Congress to determine what methods of TARP reform may be necessary. Feel free to submit your comments anonymously. 

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