TARP Tales: Latest Congressional Hearings

Equipping Financial Regulators with the Tools Necessary to Monitor Systemic Risk

pbjork — Tue, 16 Feb 2010 10:49:49 -0500

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.

Unwinding Emergency Federal Reserve Liquidity Programs and Implications for Economic Recovery

pbjork — Tue, 16 Feb 2010 10:48:01 -0500

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:

Prohibiting Certain High-Risk Investment Activities by Banks and Bank Holding Companies

pbjork — Tue, 16 Feb 2010 10:49:14 -0500

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

Compensation in the Financial Industry

pbjork — Wed, 20 Jan 2010 11:29:39 -0500

COP Hearing with Treasury Secretary Timothy Geithner

pbjork — Wed, 9 Dec 2009 11:56:48 -0500

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

Taking Stock: Independent Views on TARP's Effectiveness

pbjork — Thu, 19 Nov 2009 11:13:12 -0500

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.

Financial Regulatory Reform: Protecting Taxpayers and the Economy

pbjork — Thu, 19 Nov 2009 10:20:02 -0500

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.

COP Hearing with Assistant Treasury Secretary Herbert M. Allison, Jr.

pbjork — Thu, 22 Oct 2009 12:15:16 -0400

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.

AIG Bonuses: Report of the Special Inspector General for the Troubled Asset Relief Program.

pbjork — Wed, 14 Oct 2009 11:14:48 -0400

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.

Examining the State of the Banking Industry

pbjork — Wed, 14 Oct 2009 11:23:20 -0400

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.

Future of the Mortgage Market and the Housing Enterprises

pbjork — Thu, 8 Oct 2009 11:24:02 -0400

The witness on Panel I will be: Mr. Edward J. DeMarco, Acting Director, Federal Housing Finance Agency. The witnesses on Panel II will be: Mr. William Shear, Director, Financial Markets and Community Investment, U.S. Government Accountability Office; Mr. Andrew Jakabovics, Associate Director for Housing and Economics, Center for American Progress Action Fund; Dr. Susan Wachter, Professor of Real Estate and Finance, The Wharton School, University of Pennsylvania; and The Honorable Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute.

Securitization of Assets: Problems and Solutions

pbjork — Wed, 7 Oct 2009 11:24:43 -0400

The witnesses will be: Professor Patricia A. McCoy, University of Connecticut Law School; Mr. George P. Miller, Executive Director, American Securitization Forum; Mr. Andrew Davidson, President, Andrew Davidson & Co; Mr. J. Christopher Hoeffel, Executive Committee Member, Commercial Mortgage Securities Association; and Dr. William Irving, Portfolio Manager, Fidelity Investments.

Federal Reserve Perspectives on Financial Regulatory Reform Proposals

pbjork — Thu, 1 Oct 2009 11:21:53 -0400

Witness List & Prepared Testimony:

* The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System

Credit Rating Agencies and the Next Financial Crisis.

pbjork — Wed, 30 Sep 2009 11:16:22 -0400

On Wednesday, September 30, 2009, Chairman Edolphus “Ed” Towns (D-NY) reconvened the House Oversight and Government Reform Committee’s hearing to examine what role inaccurate credit ratings played in the current financial crisis, and what regulatory changes need to be implemented to prevent a future collapse.

Emergency Economic Stabilization Act: One Year Later

pbjork — Thu, 24 Sep 2009 14:36:15 -0400

Thursday, September 24, 2009
09:30 AM - 12:30 PM
538 Dirksen Senate Office Building, room 538

[view archive webcast]
The witness on panel I will be: The Honorable Herbert M. Allison, Jr., Assistant Secretary for Financial Stability (TARP), U.S. Department of the Treasury. The witnesses on panel II will be: The Honorable Neil M. Barofsky, Special Inspector General, Troubled Asset Relief Program; Mr. Gene L. Dodaro, Acting Comptroller General, U.S. Government Accountability Office; and Professor Elizabeth Warren, Chairman, Congressional Oversight Panel.

Majority Statements

Utilizing Technology to Improve TARP and Financial Oversight

pbjork — Tue, 22 Sep 2009 11:18:00 -0400

Witness List & Prepared Testimony:

COP Field Hearing on the Auto Industry

pbjork — Mon, 27 Jul 2009 16:22:21 -0400

The Congressional Oversight Panel held a field hearing on the Auto Industry Financing Program (AIFP) under the Troubled Asset Relief Program (TARP) in the Spencer M. Partrich Auditorium at the Wayne State University Law School in Detroit, Michigan. The Department of Treasury announced the creation of AIFP on December 19, 2008, to support the domestic automobile industry through TARP in order to further stabilize the nation's economy.

TARP Oversight

pbjork — Wed, 22 Jul 2009 11:42:03 -0400

The Subcommittee on Oversight and Investigations held a hearing entitled ‘‘TARP Oversight Warrant Repurchases and Protecting Taxpayers.’’ Testimony was heard from Herbert M. Allison, Jr., Assistant Secretary, Financial Stability, Department of the Treasury; Thomas J. McCool, Director, Center for Economics, GAO; Neil Barofsky, Special Inspector General, Troubled Asset Relief Program; and Elizabeth Warren, Chair, Congressional Oversight Panel

Industry Perspectives on the Obama Administration’s Financial Regulatory Reform Proposals

pbjork — Fri, 17 Jul 2009 11:06:14 -0400

The Committee held a hearing entitled “Industry Perspectives on the Obama Administration’s Financial Regulatory Reform Proposals.” Testimony was heard from public witnesses.

Bank of America and Merrill Lynch – Private Deal to Federal Bailout (Part III)

pbjork — Mon, 20 Jul 2009 11:00:26 -0400

The Committee on Oversight and Government Reform and the Subcommittee on Domestic Policy continued joint hearings entitled ‘‘ Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout? Part III.’’ Testimony was heard from Henry Paulson, former Secretary of the Treasury.

TARP for Main Street Act

pbjork — Thu, 9 Jul 2009 10:16:41 -0400

The Committee on Financial Services held a hearing on H.R. 3068, TARP for Main Street Act of 2009. Testimony was heard from William C. Apgar, Senior Advisor to the Secretary for Mortgage Finance, Department of Housing and Urban Development; Gary Engel, Director, Financial Management and Assurance, GAO; Brian Hudson, Executive Director, Housing Finance Agency, State of Pennsylvania; Chris Warren, Chief of Regional Development, Cleveland, Ohio; and public witnesses

COP Field Hearing on Farm Credit

pbjork — Tue, 7 Jul 2009 15:59:20 -0400

The Congressional Oversight Panel held a field hearing on commercial farm credit markets in the Weld County Centennial Center in Greeley, Colorado. At the hearing, the Panel members heard testimony from local farmers and agriculture lenders, including the USDA's Farm and Foreign Agricultural Services, Farm Credit Services and commercial banks, in order to gain a better understanding of farm credit markets.

Bank of America and Merrill Lynch – Private Deal to Federal Bailout (Part II)

pbjork — Tue, 7 Jul 2009 13:17:36 -0400

The Committee on Oversight and Government Reform and the Subcommittee on Domestic Policy continued joint hearings entitled ‘‘Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?, Part II .’’ Testimony was heard from Ben Bernanke, Chairman, Board of Governors, Federal Reserve System.

COP Hearing With Assistant Treasury Secretary Herb Allison

pbjork — Wed, 24 Jun 2009 10:33:28 -0400

The Congressional Oversight Panel held a hearing in which the members of the Congressional Oversight Panel heard testimony from the newly confirmed Assistant Secretary of the Treasury for Financial Stability, Herb Allison, regarding the Troubled Asset Relief Program.

The Administration's Proposal to Modernize the Financial Regulatory System

pbjork — Thu, 18 Jun 2009 10:06:18 -0400

Witness: The Honorable Timothy Geithner, Secretary, U.S. Department of the Treasury.

Auto Dealership Closures

pbjork — Mon, 15 Jun 2009 11:42:42 -0400

The Subcommittee on Oversight and Investigations held a hearing entitled ‘‘GM and Chrysler Dealership Closures and Restructuring.’’ Testimony was heard from public witnesses.

Bank of America and Merrill Lynch: Private Deal to Federal Bailout (Part I)

pbjork — Mon, 15 Jun 2009 11:45:34 -0400

The Subcommittee on Oversight and Government Reform and the Subcommittee on the Domestic Policy held a joint hearing entitled ‘‘Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?, Part I’’ Testimony was heard from Kenneth D. Lew, CEO, Bank of America.

The State of the Domestic Automobile Industry: Impact of Federal Assistance

pbjork — Mon, 8 Jun 2009 11:45:19 -0400

The witnesses were: Mr. Ron Bloom, Senior Advisor on the Auto Industry, U.S. Department of Treasury; and The Honorable Edward Montgomery, White House Director of Recovery for Auto Communities and Workers.

TARP Accountability and Oversight: Measuring the Strength of Financial Institutions

pbjork — Mon, 15 Jun 2009 11:44:23 -0400

The Joint Economic Committee (JEC) convened a hearing to examine the Congressional Oversight Panel’s (COP) June report to Congress, providing the panel’s assessment of the stress tests and the implications the tests have for the ongoing mission of TARP and the institutions using its resources.

The Present Condition and Future Status of Fannie Mae and Freddie Mac

pbjork — Wed, 3 Jun 2009 09:53:28 -0400

On June 3, 2009, the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing entitled ‘‘The Present Condition and Future Status of Fannie Mae and Freddie Mac.’’ Testimony was heard from the following officials of the Federal Housing Finance Agency: James B. Lockhart III, Director; Edward J. DeMarco, Chief Operating Officer and Senior Deputy Director, Housing Mission and Goals; and Christopher Dickerson, Deputy Director, Enterprise Regulation; and public witnesses.