Pelosi Statement on Request for Second $350 Billion in TARP Funds

WASHINGTON, Jan. 12 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the
following statement today on President Bush's expected request of the second
$350 billion of funds in the Troubled Asset Relief Program (TARP).

"Congress will soon receive a formal request from the Bush Administration to
release the second half of the financial rescue funds. The request comes the
same week the House will vote on Chairman Barney Frank's reform and
accountability legislation to address the many shortcomings in the Bush
Administration's handling of the first $350 billion in TARP funds, used
largely to bolster the balance sheets of banks. Millions of Americans have
lost their jobs or face the prospect of foreclosure, and it is past time that
we helped these families bolster their balance sheets.

"Chairman Frank's legislation makes significant changes to the financial
rescue package - from requiring strengthened oversight and transparency to
additional foreclosure relief. At a minimum, the legislation will require $40
billion from the TARP for initiatives to keep families in their homes.

"The legislation will require that financial institutions specify how they
will spend taxpayer dollars, ensuring that the second $350 billion in TARP
comes with clear and specific strings attached.

"Congress and the incoming Obama Administration will work together to protect
taxpayers, address the foreclosure crisis, and to bolster our economy."

SOURCE Office of the Speaker of the House

Brendan Daly, Nadeam Elshami, or Drew Hammill, +1-202-226-7616, all of Office
of the Speaker of the House