Unconstitutionality of TARP and Its Delegation of Legislative Power

Washington Legal Foundation:

Some calls are tough. The bailout is not one of them. Essentially, it reallocates resources from taxpayers to individuals and businesses which incurred excessive risks and made bad decisions; it substitutes politicians for shareholders in running financial institutions; it prevents capitalism from performing its periodic restorative function, which is to purge inefficient businesses; and it plants the seeds for an inflation such as we’ve never experienced. That’s important stuff; and the Secretary’s discretion is nearly total. TARP is manifestly an unconstitutional delegation of legislative power.

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