Neil's Notebook House leaders and leading economists meet to discuss future strategies
October 10, 2008
The House Democratic Leadership is meeting on Monday, October 13 with leading economists to discuss effective strategies to create jobs, grow our economy, and provide relief for American families. So that there is real-time accountability and oversight, several committees are holding hearings to ensure that critical taxpayer protections included in the new economic rescue law are adhered to as the Administration implements the rescue plan.
Hearings Over the Past Week:
The Government Reform and Oversight Committee, under the chairmanship of Henry Waxman, held a hearing on the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers.
Key Finding: just days before it collapsed as it was looking for a federal rescue, Lehman Brothers agreed to pay more than $23 million to three executives leaving the securities firm.
The Government Reform and Oversight Committee held a hearing on the regulatory mistakes and financial excesses that led to the government bailout of AIG.
Key Finding: only days after receiving tens of billions of dollars in a government bailout, executives of AIG took part in a $440,000 company retreat.
The Education and Labor Committee, under Chairman George Miller, held a hearing to the current financial crisis impact on Americans’ retirement security.
Key Finding: CBO director Peter Orszag testified that $2 trillion in retirement savings have been lost.
Upcoming Action
Monday, October 13: The House Democratic Leadership will hold a forum with some of America’s leading economists to help Congress develop an economic revival plan to directly benefit Main Street by creating jobs and assisting struggling families.
Tuesday, October 14: The Financial Services Committee under Chairman Barney Frank will hold a briefing with the Government Accountability Office on implementation of the oversight and conflict of interest requirements in the new economic rescue plan.
Wednesday, October 15: The Agriculture Committee under Chairman Collin Peterson will hold a hearing on the financial markets and the growing use of unregulated swaps that contributed to the downfall of AIG and Bear Stearns.
Thursday, October 16: The Government Oversight and Reform Committee will hold a hearing on the role of hedge funds in the financial markets, and their regulatory and tax status with the five managers who were paid over $1 billion last year.
Tuesday, October 21: The Financial Services Committee will hold a hearing on the need for broad regulatory restructuring and reform for the financial markets, including financial institution oversight and regulation, systemic risk, and housing finance.
Wednesday, October 22: The Government Oversight and Reform Committee will hold a hearing regarding the role of the credit rating agencies in the financial excesses on Wall Street. CEOs of the nation’s three largest credit rating agencies have been invited to testify.
Thursday, October 23: The Government Oversight and Reform Committee will hold a hearing on the role and responsibilities of federal regulators in the Wall Street financial crisis, with former Federal Reserve Chairman Alan Greenspan, SEC Chairman Chris Cox, and former Treasury Secretary John Snow invited to testify.}
