Track TARP Stimulus Funds:

I will push to track TARP stimulus funds to ensure the money is being infused into our state economy.

At the conclusion of President Bush’s term and continuing into President Obama’s administration, the U.S. Treasury implemented a series of massive cash infusions to hundreds of banks nationwide under the Troubled Asset Relief Program (TARP) as part of the Economic Recovery Act. This action was taken in an attempt to help banks fortify their balance sheets which had become increasingly “toxic”.

The intended purpose of these TARP funds was to re-invigorate the lending process which had become non-existent in the face of the recession gripping the country.

Forty-four Illinois banks received $3 billion of TARP funds. As State Treasurer, I will track those funds to ensure the funds are used for their intended purpose. I want to give consumers essential credit to maintain basic household needs.

During the last year, Illinois has lost thousands of manufacturing jobs. Small businesses have found it nearly impossible to secure additional credit, and in many cases keep their existing lines of credit. Many of these small businesses have stellar credit histories and represent the backbones of their communities. I will work to make sure that small business bank accounts across Illinois are prospering and that state businesses are employing its citizens.

The Illinois Treasurer’s office is uniquely suited to be a voice for small business and consumers on this issue, and it will be my absolute main priority to advocate for grass-root economic growth as I move through this campaign and into the office.