Rep. McHugh said no to tough bailout rules (Letter to the Editor)

The House voted by a vote of 260-166 to tighten the TARP rules for taxpayers' money going to banks and other places.

Rep. John M. McHugh voted no, and he did so along with the only two other GOP members in the New York delegation in the House. All New York state Democrats voted yes. Below is a snapshot of media coverage of that bill from around the country:

■ From Illinois: Tighter bailout rules: Members voted, 260-166, to tighten rules for the $700 billion Troubled Assets Relief Program. A yes vote was to pass a bill (HR 384) that, in part, requires TARP spending to avert home foreclosures and pressures banks to allocate some of their TARP funds to new lending.

■ From Philadelphia: Tighter bailout rules. Voting 260-166, the House passed a bill (HR 384) setting stricter rules for the $700 billion Troubled Assets Relief Program (TARP). The Senate will not take up the bill, relying instead on Obama administration pledges to tighten up the program. A yes vote was to pass the bill.

■ From Maryland: Voting 260 for and 166 against, the House on Jan. 21 passed a bill (HR 384) setting stricter rules for the $700 billion Troubled Assets Relief Program (TARP). The Senate will not take up the bill, relying instead on Obama administration pledges to tighten up the program. The bill pressures banks to use larger portions of their TARP money for new lending and requires some TARP outlays be used to help homeowners avoid foreclosure.

So, why did Mr. McHugh vote no? Passage was basically for stricter control over how our money is allocated and spent. Even though the Senate will not take up the bill, for reasons described in the media evaluations, one has to wonder why Mr. McHugh voted no on stricter control of our tax dollars?

I note that it was a lack of basic controls and oversight that got us into this mess and yet it seems Mr. McHugh by his no vote on this bill doesn't mind keeping us at a disadvantage.

Danny M. Francis

Watertown