When President Obama announced on June 9 that some financial institutions would be allowed to repay Troubled Asset Relief Program dollars, he said the massively expensive TARP bailout had made money for the federal government. "It is worth noting that in the first round of repayments from these [TARP recipients], the government has actually turned a profit," the president said. Indeed, TARP supporters have long held out the hope that the program might be profitable.Now we have Frank and Foster teaming up on an internet gambling bill to get what's ever left from taxpayers,
But now Rep. Barney Frank, the chairman of the House Financial Services Committee, has come up with a proposal to spend any TARP profits before they can be returned to the taxpayers. Last Friday, Frank introduced the "TARP for Main Street Act of 2009," a bill that would take profits from the program and immediately redirect them toward housing proposals favored by Frank and some fellow Democrats.
Congress has their sights set on cleaning up the economic mess in the US these days, but they still have their eye on Internet gambling. Five new co-sponsors have signed on to Representative Barney Frank's proposed online gambling legislation.Viva Las Vegas I guess with Frank & Foster. Get a feeling we'll all be fleeced when these two get done with America?
Representative Frank has acknowledged that the online gambling legalization issue will have to wait until at least September before his committee begins discussions. That has not stopped Frank, however, from gaining support for when those discussions do take place.
The latest co-sponsors include Rep. Neil Abercrombie of Hawaii, Rep. Earl Blumenauer of Oregon, Rep. Bill Foster of Illinois, Rep. Tim Ryan of Ohio, and Rep. Jerrold Nadler of New York. The group of Representatives that have now signed on to be co-sponsors is a bipartisan collection.