Republicans signaled Wednesday they may try to block the release of the remaining $350 billion of funds for the Troubled Asset Relief Program (TARP), criticizing Treasury Secretary Henry Paulson's failure to establish clear goals and accountability for the funds spent to date.
In a letter to Paulson and Federal Reserve Board Chairman Ben Bernanke, House Minority Leader John Boehner and 11 other senior Republicans demanded that the officials explain the government's exit strategy for its interference in the private sector.
"The seemingly ad hoc implementation of Tarp has led many to wonder if uncertainty is being added to markets at precisely the time when they are desperately seeking a sense of direction," the letter said. "The government has already burned through $350 billion of Tarp funds and is pledging trillions of dollars more through other programs, yet little is understood about how these investments are contributing to the nation's economic recovery."
"Such opaqueness is unacceptable, particularly if it is your intention to ask Congress to release the remaining $350 billion in taxpayer funds that were conditionally authorized by Congress this fall," the letter said.