Rep. Shields Steers TARP Bank Oversight Bill to Passage
HB 2784-A requires banks who took federal assistance to explain where public money went
Salem, Ore. - Yesterday the Oregon House of Representatives passed House Bill 2784-A, a bipartisan bill to provide greater oversight of banks receiving public funds. The bill, sponsored by Representative Chip Shields (D- N/NE Portland), would require state-chartered banks who received public money to testify to the interim Consumer Protection committees about how they have used these funds.
"This bill asks a very simple question," said Representative Shields. "Do we have a right and a responsibility to find out where our tax dollars went? I think the answer is yes."
The Troubled Asset Relief Program (TARP) was established by congress to help get credit markets unfrozen and investment flowing to businesses. However, the credit crunch continues to knock-out high profile projects like the Park Avenue West office tower in downtown Portland. Shutting down the project cost Oregon 350 construction jobs. Events like this have left many wondering where the money is going.
"This bill gives Oregon's state-chartered banks the opportunity to tell their important story about what they're doing with TARP funding," said Shields. "It is the state's charge to regulate state-chartered banks and it's proper for us to ask questions and provide transperency over how our taxpayer dollars are being spent, " said Rep. Shields.
The bill now moves to the Oregon State Senate.
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State Rep. Chip Shields