U.S. Sen. Bernie Sanders (I-Burlington) announced Monday that he will introduce legislation to prevent the release of the remaining $350 billion available to the Bush Administration under the Wall Street rescue package passed in early October.

Sanders initially voted against the October legislation, also known as TARP, and emphasized that he had lingering concerns over how Treasury Secretary Henry Paulson and the Bush administration handled the funds, questioning the administration’s willingness to submit to oversight provisions included in the bill.

Congress, which reconvened today, may face the daunting challenge of passing legislation that would provide for a bailout of the ailing U.S. auto industry.

Sanders said in his statement: “I have very serious concerns as to how the Bush administration is spending the first $350 billion they were provided.  The second $350 billion tranche must not be spent in the same way.

“The administration’s plans as to how the money should be spent appear to be changing on a daily basis.  Meanwhile, they are operating in secrecy, ignoring the oversight provisions of the legislation and, with dubious legality, are changing long-established rules by providing huge tax breaks for the banking industry above and beyond the bailout.

“I also strongly object to any of this bailout money being used for executive bonuses, dividends, mergers or acquisitions.

“Instead of continuing to bail out Wall Street, we should focus on economic actions which will directly impact the middle class and working families of this country."

“We should use the second $350 billion tranche to create millions of good paying jobs rebuilding our crumbling bridges, roads, culverts, schools and water systems.  We can also create millions of jobs by moving away from foreign oil and fossil fuels and into energy efficiency and sustainable energies.”