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Spreading a TARP over San Mateo County

Reps. Anna Eshoo, D–Palo Alto, and Jackie Speier, D-Hillsborough, met this week with San Mateo County officials and House Financial Services Chairman Barney Frank, D-Mass., to discuss the use of Troubled Asset Relief Program (TARP) funds to buy up troubled assets held by local governments.

“I’m grateful that Chairman Barney Frank committed to a public hearing on the issue of public funds lost due to the collapse of Lehman Brothers,” Eshoo said in a news reelase. “This is progress and I’m hopeful that San Mateo County and other public entities will be able to recover some of the dollars invested in conservative instruments. Our schools, public safety, and social services will suffer if we cannot return a portion of these dollars back to our local governments.”

Speier noted Lehman Brothers was the only large financial institution allowed to fail, and its failure cost state and local governments more than $2 billion. “I’m grateful that Chairman Frank has agreed to hold hearings on this important matter and I look forward to finding a solution that returns some of these taxpayer funds back to the public entities where they belong.”

San Mateo County officials in the meeting included Supervisor Rich Gordon, Supervisor Rose Jacobs Gibson and Deputy County Manager Mary McMillan. County officials also met with the White House Office of Intergovernmental Affairs, Senators Barbara Boxer and Dianne Feinstein, and House and Senate finance committee members.

Josh Richman

Josh Richman covers state and national politics for the Bay Area News Group. A New York City native, he earned a bachelor’s degree in journalism from the University of Missouri and reported for the Express-Times of Easton, Pa. for five years before coming to the Oakland Tribune and ANG Newspapers in 1997. He is a frequent guest on KQED Channel 9’s “This Week in Northern California;” a proud father; an Eagle Scout; a somewhat skilled player of low-stakes poker; a rather good cook; a firm believer in the use of semicolons; and an unabashed political junkie who will never, EVER seek elected office.