America’s families are facing an economic crisis, and the New Direction Congress is fighting for real solutions to rebuild our economy, create good-paying jobs here at home, and promote consumer and investor confidence.
KEY FINDINGS FROM THIS WEEK’S CONGRESSIONAL HEARINGS
The Budget Committee – Federal Reserve Chairman Ben Bernanke said that weakening economic conditions warrant a "consideration of a fiscal package by the Congress at this juncture."
The Oversight and Government Reform Committee – Former Fed Chairman Alan Greenspan admitted that he "made a mistake" in trusting that free markets could regulate themselves without government oversight.
The Education and Labor Committee – The federal agency that guarantees pensions has lost $2.1 billion on investments this year, raising serious concerns about the impact of the financial crisis on retirement security.
The Oversight and Government Reform Committee – Executives at the leading credit-rating companies had privately acknowledged they had created "a monster" with overly optimistic assessments of risky mortgage-backed securities, which helped fuel the financial meltdown.
The Financial Services Committee – In the coming months, Congress "will tackle longer-term reforms" of the financial markets and the need for accountability.
The Judiciary Committee – Held briefing on home foreclosures in Boston as news of a 70 percent increase in foreclosures broke.
The Education and Labor Committee – Economists testified that rebuilding America’s infrastructure would create jobs and boost the economy.
HEARINGS NEXT WEEK ON ECONOMIC RECOVERY
Tuesday, October 28: The Education and Labor Committee will be holding a hearing on maintaining and expanding health care coverage in a challenging economy.
Tuesday, October 28: The Small Business Committee, under Chairwoman Velazquez, will hold a hearing on "Creating Opportunities for Small Businesses in an Economic Recovery."
Wednesday, October 29: The Ways and Means Committee, under Chairman Rangel, will hold a hearing on economic security and components of an economic recovery package.
Wednesday, October 29: The Transportation and Infrastructure Committee, under Chairman Oberstar, will hold a hearing on infrastructure investment and the economic recovery.
Thursday, October 30: The Joint Economic Committee, under Vice Chair Maloney, will hold a hearing on faltering economic growth and the need for economic stimulus.
HEARINGS NEXT WEEK ON FINANCIAL MELTDOWN
Thursday, November 13: The Oversight and Government 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.