WASHINGTON   –  U.S. Rep. Jo Ann Emerson (MO-08) this week again asked the U.S. Treasury to use funds returned to the Treasury from borrowers under the Troubled Asset Relief Program only for the purposes of reducing the national debt.

“The taxpayer money in the TARP isn’t meant to be risked again and again.  The TARP ought to also reflect the idea that the huge national debt is just as much – if not more – a threat to the fiscal stability of our nation as the troubles of these private companies,” Emerson said.  “Our national debt is over $11 trillion, and every day it grows into a bigger and bigger obligation for our children and grandchildren.  We cannot sacrifice the fiscal health of our nation for the fiscal health of a few private companies.”

Emerson has also cosponsored a legislative effort to require that any money repaid to the Treasury by TARP borrowers be used to retire outstanding federal debt.

“When TARP recycles funds, we have to ask if the program is going to go on forever.  It’s certainly not meant to, it shouldn’t, and simple accountability to U.S. taxpayers demands that it mustn’t,” Emerson said.

Emerson is also opposed to the conversion of the federal government’s non-voting preferred stock into shares of common stock, which would convey voting rights to the federal government in shareholders’ elections.