FACT CHECK: Sherrod Has Fought To Ensure Taxpayers Will Never Again Be On The Hook For Wall Street Greed & Excess

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FACT CHECK: Sherrod Has Fought To Ensure Taxpayers Will Never Again Be On The Hook For Wall Street Greed & Excess

JOSH CLAIMS: Sherrod voted to bail out Wall Street while Ohio companies were hurting.

THE TRUTH: Sherrod fought to ensure taxpayers will never again be on the hook for Wall Street greed and excess.

1. Sherrod voted to prevent a “catastrophic financial collapse”. [New York Times, 10/17/09]

2. Sherrod introduced legislation to tax Wall Street bonuses at banks receiving TARP funds and direct the money to support small business loans.  [The Hill, 2/11/10; S. 3007, 2/11/10]

3. Sherrod introduced legislation to break up the six largest banks and permanently end “too big to fail” so that taxpayers will never again be on the hook for Wall Street excesses. [Wall Street Journal, 8/7/12; New Orleans Times-Picayune, 8/7/12]

The Government Bailed Out The Banks “To Prevent A Catastrophic Financial Collapse That Would Have Sent Shock Waves Through The Economy.  In October 2009, The New York Times wrote “To prevent a catastrophic financial collapse that would have sent shock waves through the economy, the government injected billions of dollars into banks.”  [New York Times, 10/17/09]

Most of TARP Funds Have Been Repaid.  In July 2012, the Boston Globe reported “Although Congress authorized $700 billion for TARP in 2008, the Treasury estimates it wound up doling out $416 billion. Of that amount, the Treasury estimates it has recovered $344 billion so far, and hopes to recover billions more. This week, the agency said it expects TARP to wind up costing about $60 billion, mostly for money set aside to help homeowners avoid foreclosures.” [Boston Globe, 7/5/12]

Brown Introduced Legislation To Tax Wall Street Bonuses To Firms Receiving TARP Funds And Use Revenue To Support Small Business Loans.  In February 2010, The Hill reported “Brown wants to impose a 50 percent tax on executive bonuses at firms that received aid under the $700 billion financial bailout package. The tax would fall on bonuses in excess of $25,000. Brown’s legislation would use the revenue to support loans from the Small Business Administration (SBA).” [The Hill, 2/11/10; S. 3007, 2/11/10]