What is Tarp III?

What is Taryp III?

On May 13, 2010, Rep. Barney Frank (D-MA) introduced H.R. 5297, TARP III. The bill is being promoted as necessary to increase the availability of credit for small businesses. TARP III would create a $30 billion lending fund and authorize the Treasury Secretary to make capital investments in banks with less than $10 billion in assets. Those banks would be charged dividends or interest of 5 percent yearly. Those rates would be reduced based on the bank's level of small business lending. TARP III would also authorize the appropriation of $2 billion to assist states with funding their small business lending and guarantee programs. However, the bill would deepen the nation's debt problems and duplicate the goal of the original $700 billion TARP program. With nearly 10 percent unemployment, the economic leadership of congressional Democrats has proven to be a failure. TARP III and its $32 billion price tag would not be any different

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