Kucinich Challenges Banks on Hoarding Bailout Funds

Dandelion Salad

Congressman Dennis Kucinich

Washington, Jan 21, 2009

“In God We Trust, Not in Banks We Trust”

Congressman Kucinich (D-OH) this morning made the following statement calling for assurances from Treasury and the new administration that the second tranche of the Troubled Asset Relief Program (TARP) funds will be used to address the home foreclosure crisis:

“Let us discuss our system of checks and balances. Congress writes hundreds of billions of checks to the banks, and the banks, it turns out, don’t know their own balances.

“Banks are not lending the money that Congress gave them because most banks don’t know their own balance sheets. We throw countless dollars into a bottomless pit, and we’re wondering why new lending is not happening?

“Our nation’s motto is in God we trust, not in banks we trust. We must verify what banks are doing with the money we gave them.  We must get concrete assurances that the rest of the bailout funds be used to address the center of the financial crisis in America: foreclosure. Foreclosures are devastating the American family. There was a 41% increase in foreclosures in the past year.

“We must get concrete assurances from the new administration that the final bailout funds will be used to address the foreclosure crisis and help keep millions of Americans in their homes. We must help Americans save their homes.”

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