AP News

McConnell's GOP rival has praised, attacked TARP

WASHINGTON (AP) — The tea party-backed Republican in Kentucky's Senate race often rebukes Sen. Mitch McConnell for supporting the 2008 federal bailout of struggling banks.

But the challenger, Matt Bevin, had praised the bailout in financial documents filed in October 2008.

As president of Veracity Funds, Bevin signed a report to investors that praised the $700 billion Troubled Asset Relief Program, or TARP. The report, first reported by Politico, said TARP should not be called a bailout.

Bevin often criticizes McConnell for backing the TARP legislation.

Bevin's campaign said Tuesday he has always opposed TARP. The campaign said another Veracity official wrote the 2008 report, and Bevin's signature was a formality.

McConnell is the Senate minority leader. He has raised considerably more money than Bevin for the May 20 GOP primary.

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