Speaking at a session of the Joint Economic Committee in Washington, D.C., on Wednesday, Sen. Mike Lee called for an overhaul of federal credit programs. Lee said that the programs have become burdensome to American taxpayers.
“From TARP to farm programs, the federal credit system is hard to think of as a system at all, except for one feature,” Lee said. “If things go wrong, the federal government is on the hook; if things go wrong, the taxpayer ends up with the bill. It’s critically important that Congress debate the wisdom of such a system’s existence at all.”