TARP Moves Forward With Promises, Not Guarantees, of Improvements

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So it’s confirmed. Chris Dodd, head of the Senate Banking Committee, will do nothing to ensure that there are oversight and executive compensation provisions in the second half of the TARP rollout. He will not legislate in aid for families in foreclosure, either.

The reason? Larry Summers, writing on behalf of the President-elect, wrote him a letter assuring him that the executive branch could and would police itself. Don’t worry, Chris, we got this! As I pointed out before, Dodd is an awfully credulous fellow. Hank Paulson convinced him of the exact same thing. How’d that turn out?

Will Obama and company will do a better job than Paulson? Probably. Should Dodd and the Senate Democrats assume that they can take a hands-off approach to things like TARP because the man in the Oval Office is from their party? Absolutely not.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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