Rep. Frank Kratovil Jr., the new Democratic congressman from the 1st Congressional District, joined Republican House members twice this week in largely symbolic votes to block the release of $350 billion more in federal bailout funds.
The U.S. Senate had approved the release of funds for financial institutions, so the House of Representatives’ votes could not block the funding.
“The track record shows that the federal government is not willing to provide the needed oversight and apply the necessary accountability measures that go along with writing a check this size,” Kratovil said in a statement.
“Until I see some proof that taxpayer money is going to be used wisely to get our economy up and running again, I will continue to disapprove of releasing additional funds.”
Kratovil was the only Maryland Democrat to oppose the release of the additional Troubled Asset Relief Program bailout funds.
In a floor speech, House Majority Leader Steny Hoyer, who had provided major help to Kratovil in his campaign, had asked the members not to vote against the additional bailout money.
Hoyer said he hoped President Obama would provide additional oversight of how the money was being spent, as Obama had promised.
Kratovil joined other freshmen members of Congress in a letter to Obama asking the new president to “consider adopting the restrictions” on the TARP money in a House bill that would restrict executive compensation and require the financial institutions to report on the use of the money.
