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Bailout Overseer: We're Still Trying To Get Office Space
Elizabeth Warren, the Harvard Law professor who chairs the Congressional Oversight Panel, which is monitoring the Treasury's spending of the bailout money, appeared this afternoon before a House commmitee to testify about the report -- better characterized as a set of questions -- the panel released this morning.
And from what Warren said, it doesn't appear that oversight of the billions of dollars at stake is being treated by either Treasury or Congress as a top priority.
Warren told the committee that the panel's four members had met for the first time just two weeks ago, and were still "struggling" to find office space. She added that all the members of the panel are serving part-time.
"Well, that raises the question of whether this can really be taken seriously," said Rep. Melvin Watt (D-NC), echoing fears about the strength of the oversight mechanisms are in place.
Congress authorized the creation of a five-member panel in the Oct. 2 bailout bill, but progress has been slow-going. Appointments were not announced until Nov. 14, and the panel remains one member short. (Sen. Jud Gregg, a New Hampshire Republican who was originally named to the position, stepped down Dec. 1.) The panel has little authority to do more than request information and report back to Congress about it.
In addition to Warren the other three members of the panel are Rep. Jeb Hensarling (R-TX), Richard Nieman, the state superintendent of banks for New York, and Damon Silvers, an associate general counsel of the AFL-CIO .
Josh
Zachary
The next time Congress puts an oversight panel in legislation involving a new activity, it should ban the activity from starting until AFTER the oversight panel has met and organized.
December 10, 2008 5:43 PM | Reply | Permalink
Let's face it. As long as Bush is President and his team is on board, the country is dysfunctional.
December 10, 2008 7:18 PM | Reply | Permalink
Jeeze, are those guys on Shrubs team STILL smoking crack? What a sorry pack.
December 10, 2008 10:45 PM | Reply | Permalink
Let's face it. Even with oversight in place, the Bush Administration has a history of ignoring any laws that do not forward their agenda - in this case, transferring wealth from the masses to the elite.
Why would anyone think differently in this case.
Remember: Expecting different results from the same actions is considered a form of insanity.
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December 12, 2008 8:47 AM | Reply | Permalink
Professor Elizabeth Warren, of Harvard Law School, is an excellent person, who will fight the banking system, like she did on the dvd film,
"maxed out"..
She faced the bankers, with their boxes of papers, and files, which I call stage props, and fought for the consumer regarding credit cards, and the interests they charge you consumers. She also found out, that the average consumer who has a credit card, will be paying interest, for the rest of their lives. The principal, or the actual cost of the item purchased, will never be paid for. So the consumer is paying nothing but the interest on their credit cards. Also, they put in the words, "universal default", which is a phrase they catch all credit card users with. You pay for 1 item late, and BOOM!! Your credit interest is maxed to 32-33% interest on all your cards..the average american family, will be brought to foreclosures from bankruptcy, a health crisis, or the very basics, in life. Ms Warren is a good choice, and is very good with this law.
Good luck to you all..
December 23, 2008 2:06 PM | Reply | Permalink