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As part of its ongoing investigation into executive pay, the Oversight Committee has invited three CEOs implicated in the subprime mortgage crisis to testify on February 7, 2008, about their severance and compensation packages.

Read letters to Charles Prince, the former CEO of Citigroup (pdf) and E. Stanley O'Neal, the former CEO of Merrill Lynch (pdf).

Full letter to Angelo R. Mozilo, the CEO of Countrywide Financial (pdf):

January 14, 2008

Mr. Angelo R. Mozilo

Chairman and CEO

Countrywide Financial Corporation

4500 Park Granada

Calabasas, CA 91302

Our meeting was respectful of our mutual interests in stabilizing the economy. We know that people are hurting, so I hope that we can work together -- recognizing the independence of the Fed -- and coordinate monetary and fiscal policy that will soften the blow for hard-working families affected by an economic slowdown.

I look forward to Chairman Bernanke's testimony before the House Budget Committee later this week.

As Leader Reid and I said in our letter to President Bush last week, we want to work with the President in a bipartisan way to develop a fiscal stimulus package to address the severe strains being felt by millions of Americans. We look forward to meeting with the President and Republican Congressional leaders to find a solution that is timely, targeted, and temporary.

On December 20th, the Oversight Committee initiated an investigation into EPA's decision to reject California's efforts to reduce greenhouse gas emissions from automobiles. Following EPA's failure to meet the Committee's deadline for producing documents, Chairman Henry Waxman wrote EPA Administrator Johnson to request that the agency agree to production deadlines and provide relevant EPA officials for interviews.

Full text of the letter:

"House Speaker Nancy Pelosi and Fed chief Ben Bernanke met Monday to discuss how Congress might act to stimulate the slowing economy."

"The Bush administration and Congressional leaders, increasingly concerned about a possible recession, are moving closer to agreeing that an economic stimulus package is needed soon, Washington officials said Friday."

Washington, D.C.-- Speaker Nancy Pelosi and Senate Majority Leader Harry Reid sent the following letter today to President Bush requesting a bipartisan meeting of the Congressional Leadership as soon as the President returns from the Middle East to discuss a possible economic stimulus package.

In their letter, Pelosi and Reid state: "Prominent economists associated with Republican and Democratic Administrations have called on us to supplement monetary policy with an immediate fiscal stimulus. These same economists have stated that the most effective and responsible stimulus policies adhere to three simple principles: they must be timely, targeted and temporary.

"We want to work with you and the Republican leadership of the Congress to immediately develop a legislative plan based upon these principles so it can be passed and implemented into law without delay."

· Read the full report (pdf) >>

From the Oversight Committee:

Chairman Waxman Releases Report on Information Security Breach at TSA's Traveler Redress Website

Today Chairman Waxman released a new report: Information Security Breach at TSA: the Traveler Redress Website.