Bond Votes Against TARP Funds

U.S. Senator Kit Bond voted against releasing the remaining $350 billion dollars to be used towards a financial bailout.

The U.S. Senate voted 52-42 Thursday to allow President-elect Barack Obama to tap those TARP (Troubled Asset Relief Program) funds to help stabilize the market.

"Taxpayers deserve answers and a responsible plan that provides more accountability, transparency, and oversight," said Bond in a statement after the vote.

Bond voted in favor of the original bailout back in October, and criticized the Bush administration's Treasury Department today for the way they administered those funds.

"While Congress authorized the use of emergency funds to buy toxic assets from financial institutions to stabilize the credit markets, the Administration instead provided billions of dollars in direct capital injections into banks. Despite this change in course the Administration has failed to provide Congress or taxpayers adequate answers and has not been able to account for the $300 billion that has already been spent," the Bond release reads.

Bond said banks should have to be required to write-off bad debts as a condition of receiving funds. He also suggested that the government should provide some partial guarantee of bad debts to help address "the root of the financial crisis."