Schock Good Government Amendment Adopted In TARP Accountability Act

Press Release

Date: Jan. 15, 2009
Location: Washington, DC

Schock Good Government Amendment Adopted In TARP Accountability Act

Congressman Aaron Schock continued his streak of accomplishments today, as his amendment to strengthen oversight of the Troubled Asset Relief Program (TARP) passed the House of Representatives today.

Schock successfully negotiated in a bipartisan fashion with Financial Services Committee Chairman Barney Frank to include his amendment in H.R. 384, the TARP Reform and Accountability Act. Schock's amendment will establish a user-friendly website so Americans can see exactly where the bailout funds are being spent.

While even members of Congress, let alone the American people, have been complaining that no one knows where the hundreds of billions of dollars are being spent, Schock decided all the information ought to be put on a web site for all to see. He then had an amendment drafted and submitted it for consideration. Schock immediately began convincing his colleagues on both sides of the aisle as to the merits of his amendment and it was adopted by the House.

"This is a very thoughtful amendment and it will greatly enhance things and I appreciate that he offered it," Committee Chairman Barney Frank stated during debate of the measure on the House Floor.

"When my constituents leave the grocery store they know three things, what they spent, what they got for their money and how their purchases will help feed their family," Schock continued. "The American people deserve to know the same thing when they --for the first time ever-- pour billions of the same hard earned dollars which they use to purchase their groceries, into the financial and housing markets. Americans should be able to somewhere easily identify how much they are spending, what they are buying and lastly how what they have purchased will help them in the future."

Currently, the Treasury department provides limited balance sheets listing complex purchases on their website for financial experts. Schock believes the American taxpayers, who are footing the bill, have a right to know where their money is going, for what program it is being used, and how it will benefit them in the long run.

In debate on the House Floor, Schock said, "In essence my amendment seeks to create a ‘Google' for TARP."

"My constituents are not high-powered New York City investment bankers and while they have not been part of this problem, they are being asked to pay for it," Schock continued in his Floor speech. "In doing so, it is their right to know where their money is going, for what program it is being used, and how it will benefit them in the long run."

This amendment is an extension of the efforts Schock made while serving in the Illinois State House to use the internet to provide up-to-date information to the American people. As a State Representative, Schock sponsored legislation ultimately signed into law which placed information online regarding what academic credits were transferable from one college to the next. This information has helped thousands of Illinois students, colleges and universities save an enormous amount of time and expense. Additionally, Schock passed legislation through the Illinois House which would establish a prescription drug price-finder web site.

"Aaron Schock is the only Generation Y member of the House or Senate," said neighboring Congressman John Shimkus. "Our colleagues have expressed their appreciation of the beneficial perspective that Aaron brings to the House of Representatives. I congratulate Aaron on earning bi-partisan support today for his legislative amendment in his first two weeks in office."