I understand how you see this as a “loophole” when the paragraph stands alone in support of my contention in the post above. However, it is very difficult to distill a 169 page law document into any brief, meaningful, and coherent statement.

If you are interested in the TARP bill, just google the following: Emergency Economic Stabilization Act of 2008, Public Law 110-343

Thank you for your reply.

…but clearly Hank will have to pull them from the monies already disbursed.

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“Financial Institution – The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States…”
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You apparently ave not read the TARP statute.

Letter sent to President Bush and Congress:

I cannot adequately express the grief and disappointment I feel in my government. I see my America crumbling under the weight of corruption and government intrusion into the private sector. My grievance is not with any one party, but rather with the government as a whole. I lost my job on March 10, 2008. I watched the government throw $700B at the financial markets in a rushed manner, served on a platter of fear, and poorly planned. And now I see the program has failed as banks and other financial institutions are hoarding that taxpayer money. The TARP did not help me or others like me at all. No, the government helped the elite.

I have watched my government try to pass legislation to bail out a completely dysfunctional auto industry with yet more taxpayer money. I hear much discussion about protecting autoworker’s jobs, but I have heard nothing about the rest of us. I am not greatly bothered by this as I am a proud and principled American who will face whatever destiny awaits me.

The Legislative Branch of our government has a specific job to perform defined by, and within the limits of, our constitution. When we do not like what comes out of both houses of congress, we do not presume to believe that the Executive Branch is unconditionally granted the freedom of running ram shod over the Legislative Branch no matter what the interest of the Executive Branch may be. We let the legislative branch do its job and we stand by the result of their efforts whether we like it or not – unless it is unconstitutional.

Now I read that the President is planning on taking unilateral action to draw funds from TARP to bailout the automakers without the consent of my congressional representatives; Senator A, Senator B, and my Representaives in the House. Oh, they may not have a problem with your proposal, but that does not in any way make it right or just. It is wrong in principle, and it violates my right to equal protection as stated in the 14th Amendment of our constitution. In addition, I am of the opinion that such a proposal annunciated by your administration tramples trias politica. Indeed this model of a democracy is clearly documented in the United States Constitution, Article I, Section 8: which places all the power of the government in the Congress to make all the laws.

Yet the sum of all guidance divined from our constitution is being set aside for what might be considered for the good of the many. However, is setting aside our constitution, for even the most noble of causes in fact and in truth serve the greater good? I should think the founders of our country and the framers of our constitution would answer in the negative.

The TARP was funded for the purpose of assisting Financial Institutions. I direct your attention to the following interpretation of “Financial Institution” as documented in the TARP bill (Emergency Economic Stabilization Act of 2008, Public Law 110-343):

Financial Institution – The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.

This definition contained in the statute does not leave much room for interpretation.

Automakers are not Financial Institutions and thus, to draw funds from TARP for any other purpose than to assist Financial Institutions without the protection of representation afforded me by the Constitution and through my Senators and Representative is wrong by any measure. And should my Senators and Representative not act to prevent such action is to abrogate their constitutional duties and responsibilities and render them unfit for presiding over the matters of, and brought forth by the people of the United States of America.

Should you proceed, you will release my America into a deep and unexplored abyss of historic proportions. I advise good measure and profound thought before you make any decision in regard to drawing taxpayer dollars from TARP to be given over to any public or private business.

I am for the Constitution.

Thanks