House Republican leaders sent a letter to Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke yesterday outlining their concerns about the lack of transparency in the Troubled Assets Relief Program (TARP) — the $700 billion financial-markets bailout — even as Treasury officials decide whether to ask Congress to release more of the money.
Such opaqueness is unacceptable, particularly if it is your intention to ask Congress to release the remaining $350 billion in taxpayer funds that were conditionally authorized by Congress this fall. It is our strongly held view that before any such request is made, the American people need satisfactory answers to a number of important questions. While the Treasury and Federal Reserve play different roles within the government, many of your recent activities have been coordinated efforts. As a result, we request answers to the following questions:
1. What is your exit strategy for the government’s sweeping involvement in private business?
Whoa. I’m all for more transparency and accountability, but I spend much of my day writing so I’m a little sensitive to use of the language, and I think House Republicans should be banned from using the phrase “exit strategy” for the time being, don’t you? I mean, by some estimates we’ve spent well over $600 billion — some say it’s way into the trillions — on the war in Iraq (not to mention the steep human costs), but I didn’t see these same Republicans pushing the Bush Administration for an exit strategy there. I guess big government is in the eye of the beholder.