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House, In Vain, Votes to Withhold Second Half of TARP Funds

Even as the second half of the $700 billion Wall Street bailout funding is on its way to the White House, House lawmakers this afternoon voted to disapprove its

Jul 31, 2020
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Even as the second half of the $700 billion Wall Street bailout funding is on its way to the White House, House lawmakers this afternoon voted to disapprove its release. And if that sounds illogical, it’s because it is.
That is, policy-wise, the House vote is a meaningless gesture.
The original bailout bill, passed in October, allowed for the release of the second $350 billion with approval from just one congressional chamber, and the Senate voted last weekto grant the Obama administration’s request for the funds.
Politically, though, the vote allows plenty of cover for House lawmakers who, hearing grief from constituents about the country’s turn toward socialism, can always point to today’s vote as evidence that they didn’t want the bailout spending to continue.
The vote was 270 to 155against releasing the funds, with 151 Democrats and four Republicans voting with the White House.
Hajra Shannon

Hajra Shannon

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Hajra Shannona is a highly experienced journalist with over 9 years of expertise in news writing, investigative reporting, and political analysis. She holds a Bachelor's degree in Journalism from Columbia University and has contributed to reputable publications focusing on global affairs, human rights, and environmental sustainability. Hajra's authoritative voice and trustworthy reporting reflect her commitment to delivering insightful news content. Beyond journalism, she enjoys exploring new cultures through travel and pursuing outdoor photography
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