Senator Calls for Special Hearing Dedicated to Examining How State Will Spend Federal Dollars
Senator Kevin O’Toole (R-Bergen), a member of the Senate Budget and Appropriations Committee, sent a letter today formally asking Senate President Richard Codey to set aside committee hearings dedicated to examining how New Jersey intends to spend the money it will receive from the federal stimulus package.
“I believe that the receipt of as much as $17 billion in federal stimulus and Temporary American Relief Program (TARP) funding is too important to New Jersey to leave in the hands of the Administration alone, ” O’Toole stated in his letter. “The Legislature has to play a role in how these funds are spent.”
Assembly Speaker Joe Roberts has already said the Assembly will hold committee hearings to look at how the federal stimulus money will be spent by the Corzine administration.
“I agree with the plan of action the Speaker has embarked upon with regards to the federal stimulus initiative and at this time I respectfully request that you, Mr. President, also provide a similar opportunity for the members of the Senate to hold like hearings on the accountability, oversight and potential impact of the federal stimulus funding on New Jersey.”
A copy of the full letter follows:
March 5, 2009
Honorable Richard J. Codey
Senate President
449 Mount Pleasant Avenue
West Orange, NJ 07052
Dear Senator Codey:
On March 3, 2009 Assembly Speaker Roberts announced his intention to have Assembly committees devote their March 9 and March 12 hearings to the examination of (1) the accountability, and (2) the oversight that needs to be provided for the money that New Jersey will receive as a result of the recently enacted federal stimulus package. In addition, I believe it is the Speaker’s intention to examine the potential impact of the federal stimulus funding on New Jersey as it relates to the FY 2009, FY 2010 and FY 2011 budgets.
I agree with the plan of action the Speaker has embarked upon with regards to the federal stimulus initiative and at this time I respectfully request that you, Mr. President, also provide a similar opportunity for the members of the Senate to hold like hearings on the accountability, oversight and potential impact of the federal stimulus funding on New Jersey.
I believe that the receipt of as much as $17 billion in federal stimulus and Temporary American Relief Program (TARP) funding is too important to New Jersey to leave in the hands of the Administration alone. The Legislature has to play a role in how these funds are spent. To that end, I have sent a letter to each of the fifteen bank presidents and CEOs who will receive TARP funding. In my letter I have asked these individuals to explain how they will spend the TARP funding to stimulate New Jersey’s economy and how they will provide accountability for the money spent. I look forward to Senate hearings on an issue more important than any other in the past twenty-five years.
Sincerely,
Senator Kevin O’Toole
District 40
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