Friday, June 12, 2009
McCarthy to Geithner: use TARP repayments to pay down national debt
Another week in our nation's capital for Bakersfield Rep. Kevin McCarthy. The wee, in his words:
"It was a full week in Washington. An unexpected event happened at my House Administration hearing. On Wednesday, I was chatting with the Committee Chairman and mentioned my bill (the Military Voting Protection Act) that I have been working to move through Congress for two years, and Chairman Robert Brady was gracious and said, let’s just take up your bill today. That bill was approved by the committee unanimously.
Here is how the week went:
On Monday, I sent a letter to Treasury Secretary Geithner urging him to use Troubled Asset Relief Program (TARP) repayments to pay down our national debt. As media reports began to come in that day that the Treasury would allow recipients of TARP funds to pay some of those funds back (almost $70 billion), 19 other Members of Congress signed on. The letter asked Secretary Geithner to make sure repaid TARP funds go directly towards paying down the national debt, rather than using them for a revolving fund for more spending. Back in April, I introduced legislation that does just that. Hardworking American middle-class taxpayers were promised fiscal accountability with the TARP legislation, and I believe Congress should ensure repaid TARP funds actually repay the ones footing the bill – the taxpayer. On Friday, I followed up on the letter to Treasury Secretary Geithner with another letter urging the Administration to clarify subsequent confusing statements issued by the President, and then by his Administration officials, on plans for TARP repayments. If you want to see the text of these letters that were sent to Geithner and the Administration, check out my website: www.kevinmccarthy.house.gov. Now more than ever, as Washington spends and borrows record amounts of money, we must insist on accountability of these billions of dollars of taxpayer funds.
"On Tuesday, I spent some time on the House floor as the House passed the resolution I introduced to commend the Mojave Intermediate Space Challenge Competition that takes place every May at the Mojave Air and Space Port. I was pleased to have my good friends, Congressmen Buck McKeon and Jim Costa, join me in cosponsoring this resolution. The Space Challenge is a great event to help strengthen students’ interest in science, technology, engineering and mathematics career fields. I am glad that the House recognized this Mojave event and placed emphasis on the growing need to challenge and grow our children’s interest in science and math. If you would like to see my floor statement, I have posted it on my YouTube channel -- http://www.youtube.com/repkevinmccarthy.
"On Wednesday, the bipartisan Military Voting Protection (MVP) Act I mentioned above, took a major step forward. The MVP Act helps ensure timely delivery of overseas military absentee ballots so they are counted. Now it is ready to be considered by the full House of Representatives, and I hope that House Democratic leadership will allow these military voting reforms to come up immediately for vote by the whole House.
"Also on Wednesday, to follow up on the renewable energy summit I co-hosted at Cal Poly a couple of weeks ago that included Linda Parker from the Kern Wind Energy Association, Patrick Lemieux, professor at Cal Poly, and Matthew Woods from REC Solar, I joined my colleagues in introducing the American Energy Act. As Speaker Pelosi moves ahead with a national energy tax plan that unfortunately would raise energy costs for American families and cause job losses, my colleagues and I wanted to offer Americans a clean alternative. The American Energy Act would put our country on a path towards a cleaner environment, lower energy costs and increase jobs in the American energy sector. We can do this with American wind, American solar, American oil, American nuclear, and American geothermal energy – through the American Energy Act. The American Energy Act works to create an energy plan to help small businesses and create jobs.
"Over the next few weeks I am also looking into our state’s need for federal judges in the Eastern District of California and what common sense solutions can be implemented. Have a good weekend."