The witness on Panel One will be: The Honorable Daniel K. Tarullo, Member, Board of Governors of the Federal Reserve System. The witnesses on Panel Two will be: The Honorable Allan I. Mendelowitz, Founding Member, The Committee to Establish the National Institute of Finance; Professor John C. Liechty, Associate Professor of Marketing and Statistics, Smeal College of Business, Pennsylvania State University; Professor Robert Engle, Stern School of Business, New York University; and Mr. Stephen C. Horne, Vice President, Master Data Management and Integration Services, Dow Jones Business & Relationship Intelligence.
Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
Witnesses
Panel 1
* Honorable Daniel K. Tarullo [view testimony]
Member
Board of Governors of the Federal Reserve System
Panel 2
* Honorable Allan I. Mendelowitz [view testimony]
Founding Member
Committee to Establish the National Institute of Finance
* Professor John C. Liechty [view testimony]
Associate Professor of Marketing and Statistics, Smeal College of Business
Pennsylvania State University
* Professor Robert Engle [view testimony]
Stern School of Business
New York University
* Mr. Stephen C. Horne [view testimony]
Vice President, Master Data Management and Integration Services
Dow Jones Business & Relationship Intelligence
Due to the inclimate weather in Washington, DC, the hearing originally scheduled for today, Wednesday, February 10 has been postponed. Because of the nature of the hearing, and the importance of the subject matter to the economy, the committee believes the statements that have been submitted to date should be made public. The Federal Reserve has already released Chairman Bernanke's statement, and below you can find the remainder of the statements. Note: these statements are not part of the committee's official record.
Hearing Statements:
*
Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System
*
Mr. Marvin Goodfriend, Professor of Economics and Chairman of the Gailliot Center for Public Policy, Tepper School of Business, Carnegie Mellon University
*
Ms. Jan Eberly, John L. and Helen Kellogg Professor of Finance, Kellogg School of Management, Northwestern University
*
Mr. Richard C. Koo, Chief Economist, Nomura Research Institute
*
Mr. Laurence Ball, Professor of Economics, Johns Hopkins University
*
Mr. John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University
Available Member Statements:
Printed Hearing:
The printed version of this hearing will be posted as soon as it is available.
The witnesses will be: The Honorable Paul Volcker, Chairman of the President’s Economic Recovery Advisory Board; and The Honorable Neal S. Wolin, Deputy Secretary, U.S. Department of the Treasury.
Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
Majority Statements
* Tim Johnson [view statement]
* Sherrod Brown [view statement]
Witnesses
Panel 1
* Honorable Paul Volcker [view testimony]
Chairman
President’s Economic Recovery Advisory Board
* Honorable Neal S. Wolin [view testimony]
Deputy Secretary
U.S. Department of the Treasury
The Congressional Oversight Panel will hold a hearing with Treasury Secretary Timothy Geithner on Thursday, December 10 at 10:00 a.m. in 138 Dirksen Senate Office Building.
WHO: Members of the Congressional Oversight Panel on TARP
WHAT: Congressional Oversight Panel Hearing with Secretary Geithner
WHEN: Thursday, December 10, 2009; 10:00 am
WHERE: 138 Dirksen Senate Office Building
The hearing is open to press and public and will be webcast on this page. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the Panel's staff at 202-224-9957 at least two business days in advance of the hearing date.
The Congressional Oversight Panel was created to oversee the expenditure of Troubled Asset Relief Program (TARP) funds authorized by Congress in the Emergency Economic Stabilization Act of 2008 (EESA). The Oversight Panel members are former Securities and Exchange Commissioner Paul S. Atkins; Congressman Jeb Hensarling (R-TX); Richard H. Neiman, Superintendent of Banks for the State of New York; Damon Silvers, Policy Director and Special Counsel for the AFL-CIO; and Elizabeth Warren, Leo Gottlieb Professor of Law at Harvard Law School.
The Congressional Oversight Panel will meet on Thursday, November 19, at 9:30 a.m. in room 138 of the Dirksen Senate Office Building to hold a hearing entitled "Taking Stock: Independent Views on TARP's Effectiveness." The Panel will hear testimony from several prominent economists about their perspectives on the performance to date of the Troubled Asset Relief Program (TARP).
Video of the hearing will be available live on this page beginning at 9:30 a.m. on November 19.
Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC,) will convene a hearing to examine how regulatory reform proposals designed by the Obama Administration and Congress will promote stability in our financial markets, prevent a recurrence of the recent financial crisis, and help improve the economy. The hearing entitled, “Financial Regulatory Reform: Protecting Taxpayers and the Economy,” will take place on Thursday, November 19, 2009 at 10:00 A.M. in Room 210 of the Cannon House Office Building. Treasury Secretary Timothy Geithner will testify to the role lax regulation or regulatory loopholes played in the financial crisis, and will address proposed regulatory changes that will promote job growth and economic stability.
WHAT: JEC Hearing, “Financial Regulatory Reform: Protecting Taxpayers and the Economy”
WHO: Treasury Secretary Timothy Geithner
WHEN: Thursday, November 19, 2009
WHERE: Room 210 Cannon House Office Building
The Congressional Oversight Panel held a hearing on Thursday, October 22, at 10:00 a.m. in room 562 of the Dirksen Senate Office Building to hear testimony from the Assistant Secretary of the Treasury for Financial Stability, Herbert M. Allison, Jr., regarding the Troubled Asset Relief Program.
The witnesses will be: The Honorable Sheila Bair, Chairman, Federal Deposit Insurance Corporation; The Honorable John C. Dugan, Comptroller of the Currency, Office of the Comptroller of the Currency; The Honorable Daniel K. Tarullo, Member, Board of Governors of the Federal Reserve System; The Honorable Deborah Matz, Chairman, National Credit Union Administration; Mr. Timothy T. Ward, Deputy Director, Examinations, Supervision, and Consumer Protection, Office of Thrift Supervision; Mr. Joseph A. Smith, North Carolina Commissioner of Banks and Chairman, Conference of State Bank Supervisors; and Mr. Thomas J. Candon, Deputy Commissioner, Vermont Department of Banking, Insurance, Securities and Health Care Administration, National Association of State Credit Union Supervisors.
Washington, DC – Chairman Edolphus “Ed” Towns (D-NY) held a full Committee hearing today, Wednesday, October 14, 2009 titled, “AIG Bonuses: Report of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).” The hearing examined the audit of the bonus payments to AIG executives in March 2009 by Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Neil Barofsky.
On March 20, 2009, Mr. Barofsky initiated an audit of the AIG bonuses to review: (1) the extent of knowledge and oversight by Federal Reserve and Treasury officials over AIG compensation programs and, specifically, retention payments to AIGFP executives; (2) the extent to which AIGFP retention payments were governed by executive compensation restrictions or pre-existing contractual obligations; and (3) whether additional AIG compensation issues require resolution.
The hearing took place at 10:00 a.m. in room 2154 Rayburn House Office Building.
Witness:
Mr. Neil Barofsky
Special Inspector General
Troubled Asset Relief Program
