Shelley Berkley for Congress

(January 14, 2010)  Congresswoman Shelley Berkley expressed support for a White House proposal to recover an estimated $100 billion in federal TARP funding provided to America’s banks and lending institutions.  The funds would be generated by a new fee on financial institutions with assets greater than $50 billion and would be used to reduce the nation’s budget deficit.

“These funds were always meant to come back to the American taxpayer,” said Berkley.  “I support efforts to recover outstanding TARP funds so we can use these precious dollars to help address current deficits and to boost our economy.”

Berkley also renewed her call for limits on exorbitant bonuses paid to banking industry and Wall Street executives at a time when the nation is struggling in the aftermath of the international economic crisis.

“Another year, another round of outrageous multi-million dollar bonuses for the fat cats on Wall Street and America’s banking barons.  Nevadans are stunned and outraged by the greed and arrogance that accompanies these annual payouts made by industries that literally owe their very existence to America’s taxpayers,” said Berkley.  “These executives are blinded by greed to the real hardships inflicted on families in Nevada and across our nation as a result of reckless actions by the financial sector.  Before anyone is awarded a bonus, these firms should repay the billions they owe to the American people.  And if they refuse to do the right thing -- and insist on making these bonus payouts -- then they should be forced to make good on their outstanding financial commitments to this nation’s taxpayers.”

Berkley voted in favor of legislation in March 2009 (H.R. 1586) that imposed a 90% tax on bonuses paid after December 31, 2008, by companies that received more than $5 billion in TARP funds. The tax would also apply to bonuses paid by entities affiliated with these companies.