Bob Inglis of SC is trying to prevent Barney Frank of MA from redistributing $6.5 billion dollars of TARP money illegally.
In this resolution, Inglis references bill H.R. 3068, where Frank attempts to give the money to the Housing Trust Fund ($1 bil) and the Secretary of Housing and Urban Development ($5.5 bil) for various uses (foreclosures for multifamily properties, redevelopment, Emergency Homeowners Relief Fund credit).
Inglis makes reference to Bush's Emergency Economic Stabilization Act of 2008. It says that money paid back from TARP should be used to lower the federal deficit. He also reference the US Constitution Article 1 Sec. 9 in that money cannot be taken out of the Treasury unless a law is passed that budgets money to a certain area.
