January 15,2010

Grassley Seeks CBO, JCT Analysis of President’s Proposed Bank Fee

Grassley Seeks CBO, JCT Analysis of President’s Proposed Bank Fee

WASHINGTON – Sen. Chuck Grassley, ranking member of the Committee on Finance, today continued his effort to ensure transparency and oversight of the financial bailout, asking the non-partisan Congressional Budget Office and Joint Committee on Taxation for an analysis of President Obama’s proposed fee on financial institutions.

Grassley was an advocate for creating a special inspector general for the Troubled Assets Relief Program (TARP) to try to hold the program accountable and co-sponsored legislation to strengthen the ability of the special IG to conduct oversight after the TARP program changed its original mission. Grassley also battled the White House after it tried to subject requests of the special IG to the red tape of the Paperwork Reduction Act.

“We need to make sure small businesses and John Q. Public don’t get another raw deal,” Grassley said.

Grassley wrote in his request letter, “I agree with the goals the President articulated. We in Congress have a responsibility to ensure the legislative product carries out the goals the President set. Before Congress is asked to vote on legislation imposing such a fee, it will be important to understand the potential impact on consumers, the criteria for applying the fee to some entities and not others, and the implications for the
security and stability of these institutions.”