Chronology of Committee Work

Kucinich Asks Local Banks to Report on Use of Federal Assistance

Congressman Dennis Kucinich (D-OH), Chairman of the Domestic Policy Subcommittee of the Oversight and Government Reform Committee, today sent letters of inquiry to the five largest banks in Northeast Ohio.

Kucinich Applauds Bank of America for Abandoning Mandatory Arbitration

Subcommittee Chairman Dennis Kucinich (D-OH), today received a letter from Bank of America notifying him of its intent to abandon the practice of mandatory arbitration in all customer agreements.

Kucinich Demands Further SEC Investigation

Representative Dennis Kucinich (D-OH) today sent a letter to Securities and Exchange Commission (SEC) Chairman Mary Schapiro requesting that the SEC expand its investigation of Bank of America (BofA) for possible violations of securities laws. Kucinich, Chairman of the Domestic Policy Subcommittee, transmitted several documents subpoenaed by Chairman Ed Towns of the Oversight and Government Reform Committee in their joint investigation of the Bank of America-Merrill Lynch merger.

SEC BofA Decision Parallels Congressional Investigation

Chairman Dennis Kucinich (D-OH) today stated that SEC’s decision to file charges against Bank of America for the ‘material omission’ of failing to report Merrill Lynch bonuses to shareholders prior to a key vote to approve the merger vindicates the Domestic Policy Subcommittee’s investigation of the deal. Chairman Kucinich brought the attention to the SEC and requested and official decision in an April 6th letter, and received confirmation of the SEC’s investigation on April 10th.

Subcommittee Hearing Titled: "Ready to Eat or Not?: Examining the Impact of Leafy Green Marketing Agreements."

On Wednesday, July 29, 2009, at 2:00 p.m. in room 2154 of the Rayburn House Office Building, the Domestic Policy Subcommittee will hold a hearing entitled, “Ready to Eat or Not?: Examining the Impact of Leafy Green Marketing Agreements.”

Subcommittee Hearing titled: "Arbitration or 'Arbitrary': The Misuse of Mandatory Aribtration to Collect Consumer Debts

On Wednesday, July 22, 2009 at 2:00 p.m., The Subcommittee on Domestic Policy held a hearing titled: Arbitration or ‘Arbitrary’: The Misuse of Mandatory Arbitration to Collect Consumer Debts.” The hearing took place in room 2154 Rayburn House Office Building

Chairman Kucinich Releases Staff Report on Mandatory Arbitration

On Tuesday, July 21, 2009, The Domestic Policy Subcommittee of the Committee on Oversight and Government Reform published a Majority Staff Report on: “Arbitration Abuse: An Examination of Claims Files of the National Arbitration Forum.”

Opening Statement, Witness Testimony and Webcast of the Joint Oversight Hearing titled: "Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout? Part III"

On Thursday, July 16, 2009, at 10:00 a.m., The House Oversight and Government Reform Committee and Subcommittee on Domestic Policy continued its joint investigation of the Bank of America – Merrill Lynch merger with a hearing titled: “Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout? Part III.”

Subcommittee to Hold Hearing on The Misuse of Arbitration to Collect Consumer Debt

On Wednesday, July 22, 2009, at 2:00 p.m. in room 2154 of the Rayburn House Office Building, the Domestic Policy Subcommittee will hold a hearing entitled, “Arbitration or ‘Arbitrary’: The Misuse of Arbitration to Collect Consumer Debts.”

Paulson Set to Testify Before Committee on Thursday, July 16th

House Oversight Committee Chairman Edolphus “Ed” Towns (D-NY) and Domestic Policy Subcommittee Chairman Dennis Kucinich (D-OH) sent a letter to former Treasury Secretary Henry M. Paulson, Jr., confirming Mr. Paulson’s appearance before the House Oversight and Government Reform Committee on Thursday, July 16 2009.

Joint Full Committee and Subcommittee on Domestic Policy Hearing Titled: "Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout? Part II.

Today at 10:00 a.m., The Committee on Oversight and Government Reform and the Subcommittee on Domestic Policy continued its investigation of the Bank of America – Merrill Lynch merger with a hearing titled: “Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout? Part II.” The hearing took place in room 2154 Rayburn House Office Building.

Kucinich: "Contrary to popularly held belief that the Government went too far in the Bank of America-Merrill Lynch Deal, Our investigation reveals that what is remarkable is what Government did NOT do."

For Immediate Release:
Contact: Nathan White (202)225-5871

Kucinich: ‘Contrary to a popularly held belief that the Government went too far in the Bank of America-Merrill Lynch deal, Our investigation reveals that what is remarkable is what the Government did NOT do.”

Washington D.C. (June 24, 2009) – Congressman Dennis Kucinich (D-OH), Chairman of the Domestic Policy Subcommittee of the Oversight and Government Reform Committee, today released the following statement after internal committee documents were leaked to the press:

“Ordinarily I would not make a statement in advance of a Committee hearing, but documents leaked by the Committee’s minority create a misimpression that must be addressed in order for the public to have clarity about the Government’s role in Bank of America’s acquisition of Merrill Lynch,” said Kucinich.

“Contrary to a popularly held belief that the Government went too far in the Bank of America-Merrill deal, our investigation reveals that it is what the Government did NOT do that is remarkable.

“In two meetings in December, 2008, Bank of America’s Ken Lewis asserted that he had only recently become aware of the deteriorating situation at Merrill. He asserted that he believed he could justify invoking the MAC clause to back out of the deal, and he asserted that he needed considerable help from the government, including $13 billion more in new cash, as well as protection from Merrill Lynch losses. Staff and officials at the Fed looked more closely at the basis for Lewis’s assertions and determined that they were “somewhat suspect.” 

“The Fed found, in contradiction to Ken Lewis’s representations, that Bank of America failed to do adequate due diligence in acquiring Merrill Lynch. The Fed found that Bank of America had known about accelerating losses at Merrill since mid-November, when shareholders could have used that information to decide on ratification of the merger. . And senior officials at the Fed believed that Bank of America could be in violation of securities laws for failing to inform shareholders about the Merrill losses known in mid-November. Furthermore, they believed that Ken Lewis’s threat of invoking a MAC was a “bargaining chip” and was not credible, that Bank of America was experiencing its own losses independent of Merrill Lynch and needed to be bailed out itself, and that there were serious doubts about the competence of Bank of America’s top management.

“Yet, in spite of the doubts felt about Ken Lewis’s management of Bank of America, the Fed’s leadership orchestrated an aid package that attached no meaningful conditions to the money. The Fed required no changes whatsoever in Bank of America’s deficient corporate leadership. The Fed even gave Bank of America more money than Ken Lewis had originally asked for.
“The disconnection between the Fed’s analysis of what went wrong at Bank of America, and what the Fed was willing to do about it, is significant for all of us, and will be the subject of tomorrow’s hearing,” said Kucinich.

1. # #

Hearing on: After Injury, the Battle Begins: Evaluating Workers’ Compensation for Civilian Contractors in War Zones

On Thursday, June 18, 2009, at 2:00 p.m. in room 2154 of the Rayburn House Office Building, the Domestic Policy Subcommittee will hold a hearing entitled, “After Injury, the Battle Begins: Evaluating Workers’ Compensation for Civilian Contractors in War Zones.”

Towns, Kucinich Request Bernanke Testimony on BofA-Merrill Merger

Chairmen to continue examining Bank of America’s acquisition of Merrill Lynch.

Opening Statement, Witness List and Webcast of the Joint Committee Hearing on: "Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?"

Today at 10:00 am, The Committee on Oversight and Government Reform and Subcommittee on Domestic Policy held a hearing on: “Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?” The hearing took place in room 2154 Rayburn House Office Building.

Opening Statement, Witness List and Webcast of the Joint Committee Hearing on: "Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?"

Today at 10:00 am, The Committee on Oversight and Government Reform and Subcommittee on Domestic Policy held a hearing on: “Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?” The hearing took place in room 2154 Rayburn House Office Building.

House Oversight and Government Reform Committee Subpoenas Federal Reserve for BofA-Merrill Lynch Documents

House Oversight and Government Reform Committee Subpoenas Federal Reserve for BofA-Merrill Lynch Documents

Towns, Issa, Kucinich Demand Documents for Hearing This Week

Washington D.C. – House Oversight and Government Reform Committee Chairman Edolphus Towns (D-NY) and Ranking Member Darrell Issa (R-CA) today agreed to have a subpoena served on the Federal Reserve (the Fed) to compel it to turn over documents related to Bank of America’s acquisition of Merrill Lynch.

The full committee and Domestic Policy Subcommittee, under the leadership of Chairman Dennis Kucinich (D-OH), have been investigating the circumstances surrounding the federal government’s bailout of the Bank of America-Merrill Lynch transaction. Specific documents subpoenaed include emails, notes of conversations and other documents.

###

Kucinich Secures Good Government Victory

Washington D.C. (June 4, 2009) – Congressman Dennis Kucinich (D-OH) today won adoption of an amendment to H.R. 2646, The Government Accountability Office (GAO) Improvement Act of 2009. The Kucinich amendment would grant the GAO the authority to audit the Federal Reserve’s response to the financial crisis. The amendment was adopted unanimously in a committee markup of H.R. 2646 by the Oversight and Government Reform Committee.

Hearing: ONDCP's Fiscal Year 2010 National Drug Control Budget and the Priorities, Objectives, and Policies of the Office of National Drug Control Policy under the New Administration

The hearing will examine: (1) the successes and failures of current U.S. Drug Policy under the Office of National Drug Control Policy (“ONDCP”);(2) the priorities and objectives of ONDCP under the new Administration and how those goals are reflected in the 2010 Fiscal Year National Drug Control Budget; (3) ONDCP’s past and future commitment to developing a comprehensive budget and performance measurement system that allows for oversight and accountability; and (a) The National Academy of Public Administration’s 2008 study and report on ONDCP entitled “Building the Capacity to Address the Nation’s Drug Problems.”

Kucinich Requests Documents on Chrysler Bankruptcy Plan, Clarification of Misrepresentation to Members of Congress

Washington D.C. (May 18, 2009) – Congressman Dennis Kucinich (D-OH), Chairman of the Domestic Policy Subcommittee, sent a letter to Chrysler CEO Bob Nardelli requesting documents that would clarify the circumstances that led to an April 30 conference call in which Members of Congress were informed that a proposed bankruptcy would not result in any permanent plant closings or job losses. However, when terms of the bankruptcy were released on May 1, plants in Michigan, Missouri, Wisconsin and Ohio were slated for closure.

Chairman Kucinich to Investigate AIG’s handling of Workers’ Compensation Insurance Claims for Civilian Contractors in War Zones

Washington D.C. (May 7, 2009) – Congressman Dennis Kucinich (D-OH), Chairman of the House Domestic Policy Subcommittee, yesterday sent a letter to AIG CEO, Edward Liddy, requesting documents and information regarding allegations by ProPublica, the Los Angeles Times, and ABC News that AIG inappropriately denied and delayed health insurance claims from civilian contractors killed or injured in Iraq.

Hearing on: "The H2-B Guestworker Program and Improving the Department of Labor's Enforcement of the Rights of Guestworkers.

Today at 10:00 a.m. The Subcommittee on Domestic Policy will held a hearing on: “The H2-B Guestworker Program and Improving the Department of Labor’s Enforcement of the Rights of Guestworkers.” The hearing took place in room 2154 Rayburn House Office Building.

Congressional Committees Demand Documents from Treasury and the Fed

Congressman Dennis Kucinich (D-OH), Chairman of the Domestic Policy Subcommittee, and Congressman Edolphus Towns, Chairman of the Oversight and Government Reform Committee, today sent a letter to Fed Chairman Ben Bernanke and Treasury Secretary Timothy Geithner. The letter cites a Wall Street Journal article published this morning that reports that Bank of America (BofA) CEO Ken Lewis, was pressured to withhold details pertaining to the BofA acquisition of Merrill Lynch from investors.

Kucinich: Victory Against Privatization

Washington D.C. (April 20, 2009) – Following a relentless effort by Congressman Dennis Kucinich (D-OH) to challenge the Bush administration’s efforts to privatize Defense Finance and Accounting Services (DFAS) jobs since 2001, DFAS today announced that that it will cancel agreements with Lockheed Martin and employ government workers to perform all areas of retroactive pay and benefits for veterans.

SEC Agrees to Review Bank of America Shareholder Disclosure for Material Omissions

Representative Dennis Kucinich (D-OH), Chairman of the Domestic Policy Subcommittee, has received a response to his April 6th inquiry to Mary Schapiro, Chairman of the Securities and Exchange Commission (SEC), regarding a proxy statement distributed by Bank of America to its stockholders in advance of a shareholder vote on a merger agreement with Merrill Lynch. The letter from Chairman Schapiro informed Chairman Kucinich that the SEC is reviewing Bank of America’s disclosure for material omissions. In the April 6 letter, Chairman Kucinich asked Chairman Schapiro to determine if Bank of America was in violation of the 1934 Securities and Exchange Act for withholding information about $3.6 billion in bonuses to be paid to Merrill Lynch executives.

Displaying Items 1 to 25 of 66:

Previous Page • Next Page

[1] • [2] • [3]