First, I would like to thank Chairman Frank for holding today’s very important hearing. 
 
On December 10th of last year, nearly two months ago to the day, I joined Republican Leader Boehner and 81 other House Republicans and signed a letter requesting this hearing.  To my knowledge, this is the first time this Committee has scheduled a public hearing to hear from the heads of the largest U.S. financial institutions, the Big 8, about how they’re using American taxpayer dollars.  It’s interesting to note that we brought up all of the Big 3 automaker’s CEOs to testify in a flash -- twice as a matter of fact -- but not until today, have we had the opportunity to hear from the financial CEOs.
 
We should have had a hearing before passing legislation on the floor to reform TARP. TARP was a rushed-job.  When Congress passed the financial rescue package, it was to stave off an immediate and dire threat to our entire economy.  That part obviously worked, but we’re by no means out of the woods yet.
 
Treasury needs to provide much greater transparency and show us where the American taxpayers' money is going before requesting more and before rolling out a new plan to use trillions – let me repeat – trillions more of taxpayer dollars.
 
Have the funds been used to get credit flowing again, not just to financial institutions but to consumers and small businesses?  How do we know additional TARP money is needed?  Who needs it?  How will more be used?  Only today, for the first time, have we had the opportunity to publically hear about how the first $350 billion was used by 8 of the 362 firms, excluding two of the Big 3 auto companies, across the country that received taxpayer TARP funds.  What went wrong?  Who’s to say that we’re not putting good money after bad?  I hope today’s witnesses will shed some light on these looming questions. 
 
Let me be frank, my constituents in Illinois are angry and so am I.  We don't believe that taxpayer money has been spent wisely.  We don’t have the answers we need yet.  That’s why I and 270 Members of the House -- including over half the Members of this Committee -- Democrats and Republicans -- voted for the resolution to disapprove of the second $350 billion in TARP funds.  Let’s keep working until we get some answers. 
 
Chairman Frank, we need more oversight hearings to hear from all stakeholders.  The American people need answers; not more of the same; not more blank-check spending of their hard-earned money.  I don't believe that's too much to ask.