Inglis tweets support for TARP amendment

Rep. Bob Inglis (R-S.C..) on Wednesday proceeded with his effort to require all unspent bank bailout funds be used to pay down the federal debt.

Tweeted Inglis this afternoon:

In Rules Committee now asking to amend the Barney Frank "Consumer Protection Act." My amendment would turn off TARP's revolving charge card

Inglis' effort, which would be attached to the House Financial Services' massive financial regulatory overhaul, would require the Treasury to return money leftover from the Troubled Asset Relief Program (TARP) to federal coffers.

While the TARP already contains a similar provision, Inglis' amendment in particular could function as a block against Senate Democrats' moves to use the extra bailout money to pay for their forthcoming "jobs stimulus" bill

“TARP wasn’t designed to be a revolving credit facility for new spending programs,” Inglis said on Tuesday. “It was an emergency program to save the financial system from collapse. It has done that job and now all funds repaid by the banks should be applied to deficit reduction and not to new spending programs."

“My amendment would keep that $317.3 billion safe in the Treasury and would require that all principal, interest and dividends paid by the banks would be repaid to the Treasury," he added. "We need to keep the spenders from spending it.”