Washington, D.C. – If at first you don’t succeed don’t try the same exact thing again. U.S. Senators Mike Enzi and John Barrasso, both R-Wyo., do not think another $350 billion dollars should be released to bail out banks and took action this week to stop the funds from being released.

“If the first installment hasn’t done what it was supposed to and used as they said it would be, what makes the executive branch think that throwing another $350 billion at the problem will make it go away? Credit markets are still frozen and companies are not lending and investing the money they got the first time around. This is the reason the authors of the bailout gave Congress the chance to disapprove the release of the second half of the money. Any solution to help our economy must include taxpayer protections, provisions to bolster the housing market and should also have measurable goals so we don’t find ourselves in this same position a few months from now,” said Enzi, a senior member of the Senate Banking Committee.   

“I hope that Washington will recognize that there is a right and wrong way to do things.  In Wyoming, we know the value of taxpayer dollars and we are careful to balance our budget each year.  Allowing the second round of TARP funding to be released for unchecked spending is the wrong approach. I have been skeptical of this plan from the very beginning.  The lack of transparency, accountability and oversight remain a concern.  The first $350 billion was not spent buying distressed assets as promised.  It was spent buying stock in failed banks and to prop up the struggling auto industry.  I will not support taxpayer dollars being used this way,” said Barrasso.

Enzi and Barrasso co-sponsored a resolution this week that expresses the disapproval of the Senate to allow the Treasury to draw on another $350 billion of taxpayer money to help the nation’s banks. The Treasury has complete control over how the money is spent.  

In October the Senate approved the Emergency Economic Stabilization Act of 2008. This bill allowed the Treasury to spend $700 billion of funds through the Troubled Assets Relief Program that was created through the bill. The money was to be spent by the Treasury to unlock frozen credit markets and keep companies investing in the marketplace. An additional $350 billion installment could be released later if the President requested it and Congress did not disapprove. Since the President requested the $350 billion Congress has 15 days to object to the release of the funds. In order to reject the request Congress must enact a joint resolution of disapproval.