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Washington, DC - House Financial Services Committee Chairman Barney Frank today scheduled an oversight hearing on the Troubled Asset Relief Program (TARP) program being managed by the Treasury Department and related initiatives taken by the Federal Reserve Bank and the FDIC in response to the turmoil in domestic and global financial markets. The hearing will take place on Tuesday, November 18, 2008, at 10:00am in room 2128, Rayburn House Office Building. The committee expects to hear from senior officials, institutions using or affected by the initiatives, and academic and other experts.
“While much of our attention is, appropriately, focused on the $700 billion TARP program recently passed by Congress; it is clear that Treasury has been working closely with both the Federal Reserve and the FDIC on broader coordinated initiatives. The Committee is interested in exploring the rationale for the specific steps already taken and to better understand how the Treasury Department, Federal Reserve and the FDIC expect their actions to work and how, and over what time frame, they expect to be able to measure results.”
“We have three primary areas of interest: First, the effort to recapitalize financial institutions. Second, the effort to reduce volatility and restore liquidity to financial markets. Third, the effort to reduce foreclosures and mitigate the erosion of housing values, which were and remain, the epicenter of the current economic crisis.”
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