CONGRESSMAN PAULSEN STATEMENT ON TODAY’S FINANCIAL SERVICES HEARING

CONGRESSMAN PAULSEN STATEMENT ON TODAY’S FINANCIAL SERVICES HEARING

03/24/09

WASHINGTON – As a member of the House Financial Services Committee, Congressman Erik Paulsen (R-MN) issued the following statement following today’s committee hearing featuring testimony from Secretary of the Treasury Tim Geithner and Chairman of the Federal Reserve, Ben Bernanke.

“I continue to be troubled about the inadequate government oversight and lack of accountability to taxpayers over the hundreds of billions of dollars used to bailout companies like AIG. Today’s testimony from both Secretary Geithner and Chairman Bernanke further underscored the fact that proper oversight is still not in place. The bill I am co-sponsoring to drastically increase oversight of the Troubled Asset Relief Program through the Special Inspector General is an important step in addressing these issues. Additionally, I continue to believe we need to examine ways to positively impact smaller institutions as we move forward. This was an important hearing, and I was pleased to hear directly from the Secretary and Chairman about these issues.” ###

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