Bank bailouts
The Troubled Assets Relief Program (TARP) redistributed $700 billion of taxpayer funds to banks and financial institutions that were about to go bankrupt when the housing bubble burst in 2007. This catastrophe would have led our nation and the rest of the world into a deep economic depression had we not agreed to this bailout. Such was the urgency at the time, TARP was passed with hardly any debate, little oversight, and was virtually a giveaway to our financial services sector. However, despite this bailout, banks have refused to help prevent many Americans from loosing their homes to foreclosure. Instead, they stonewalled both principal reductions on properties that were underwater, and applications to refinance loans. Now boasting record profits, our banks have recovered but most consumers have not. Advocates say the corporations that caused our nation’s economy to collapse have benefitted from their own unscrupulous actions and left nearly everyone else worse off. Many families have lost their homes and others have lost their retirement savings as well as the ability to pay for their children’s college educations. No bank executive has been charged with the crimes that brought the world to the brink. Some advocates say the only way to prevent this from happening again is to break up these financial institutions that are “too big to fail” and “too big to jail.”

Pending Legislation:
H.R.2600 - Too Big To Fail, Too Big To Exist Act

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Poll Opening Date
May 21, 2020
Poll Closing Date
May 27, 2020

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