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Financial Services Hearing on Assisting the American Automobile Industry
November 19, 2008
Today, the House Financial Services Committee is holding a legislative hearing on extending the Department of Treasury's Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry.

Watch the live webcast>>

Witness List & Prepared Testimony:

Panel 1

Members of Congress

Panel 2

Blog Post
Chairman Frank to Secretary Paulson: Our Intent Couldn't Be Clearer
November 18, 2008
Today the Financial Services Committee held and oversight hearing on the implementation of the Emergency Economic Stabilization Act of 2008. Committee Members questioned Treasury Secretary Paulson, Federal Reserve Chairman Bernanke, and FDIC Chairwoman Bair about the implementation of the TARP program and the lack of addressing the foreclosure crisis. As Chairman Frank said in his opening remarks, "the fundamental policy issue is our disappointment that funds are not being used out of the 700 billion to supplement mortgage foreclosure reduction...the negative effect of this cascade of foreclosures goes far beyond the individuals who lose their homes. It has to do with neighborhood deterioration. It has to do with municipal inability to make their governments work.
Blog Post
Pelosi Announces New Majority Leadership Team
November 18, 2008
Speaker Pelosi announced today the new Majority Leadership team for the 111th Congress, elected today by members of the Democratic Caucus:

Speaker of the House: Nancy Pelosi of California

Majority Leader: Steny Hoyer of Maryland

Majority Whip: James E. Clyburn of South Carolina

Democratic Caucus Chairman: John B. Larson of Connecticut

Democratic Caucus Vice Chairman: Xavier Becerra of California

Assistant to the Speaker and Chair of the Democratic Congressional Campaign Committee: Chris Van Hollen of Maryland

Leadership will take office on the first day of the new Congress, January 6, 2009.

Press Release
Pelosi Announces New Majority Leadership Team
November 18, 2008
"I look forward to working with this leadership team to build on our accomplishments in the 110th Congress to take America in a New Direction. We are focused on addressing the challenges facing our nation and will do so with a commitment to bipartisanship, civility, and fiscal responsibility."
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Press Release
Pelosi Remarks Following House Democratic Leadership Elections for the 111th Congress
November 18, 2008
"How proud we are of our new House Democratic majority. For two elections in a row, we have wave victories. That's historic. Historic. Just two years and about one month ago, House Democrats stood at 32 votes behind, and now we are 80 plus - a change of over 110 votes. That change brings with it tremendous responsibility. The American people have great expectations for what this Congress can do, working with the great President-elect Barack Obama."
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Speech
Pelosi Remarks Following House Democratic Leadership Elections for the 111th Congress
November 18, 2008
"How proud we are of our new House Democratic majority. For two elections in a row, we have wave victories. That's historic. Historic. Just two years and about one month ago, House Democrats stood at 32 votes behind, and now we are 80 plus - a change of over 110 votes. That change brings with it tremendous responsibility. The American people have great expectations for what this Congress can do, working with the great President-elect Barack Obama."
Blog Post
Financial Services Oversight Hearing on the Implementation of the Emergency Economic Stabilization Act
November 18, 2008
This morning, the Financial Services Committee is holding a hearing on the "Oversight of Implementation of the Emergency Economic Stabilization Act of 2008 and of Government Lending and Insurance Facilities; Impact on Economy and Credit Availability."

Read prepared testimony:

Panel 1

The Honorable Henry M. Paulson, Jr., Secretary, U.S. Department of the Treasury

The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System

Blog Post
Draft House Democratic Legislation to Help the Struggling Auto Industry
November 17, 2008

From the House Financial Services Committee:

House Auto Legislation Will Protect American Jobs While Demanding Long-Term Restructuring of Auto Industry for Viability and Energy Independence

Washington, D.C. -- Led by House Financial Services Committee Chairman Barney Frank, House Democratic leaders today announced comprehensive legislation that will help the struggling U.S. auto industry in the short term, while protecting millions of American jobs and taxpayers. The $25 billion in bridge loans, issued under the recently enacted Troubled Asset Relief Program (TARP), are intended to help the struggling automakers survive while they prepare plans to restructure their companies to build more competitive, fuel-efficient, and technologically-advanced vehicles.

Blog Post
House Democratic Leaders' Meeting with Paulson and Bernanke
November 17, 2008
Speaker Pelosi issued the following statement this afternoon following a meeting late this afternoon that House Democratic leaders held with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke:

House Democratic leaders today made it clear to Secretary Paulson and Fed Chairman Bernanke that they must take immediate action and do everything they can to help hardworking Americans stay in their homes.

The solutions to the problem at the root of our economic crisis -- aggressively addressing home foreclosures -- have been known for some time. Further delay in implementing these solutions is unacceptable. The leaders urged Secretary Paulson to take the following measures:

Press Release
Pelosi Statement on House Democratic Leaders' Meeting with Paulson and Bernanke
November 17, 2008
"House Democratic leaders today made it clear to Secretary Paulson and Fed Chairman Bernanke that they must take immediate action and do everything they can to help hardworking Americans stay in their homes."
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