Bailout,US: Politics Real Time News items

• Congress Demands Legal Docs from AIG-Monitoring Lawyer --WSJPosted:14/07/2009 23:38 GMT by NeedToKnowNews
  The WSJ reports that members of Congress have asked federal authorities for confidential reports prepared by a lawyer charged with monitoring AIG's business practices over the past 4 years.
• House Fin'l Services Cmte Hearing on AIG with Bernanke, Geithner on March 24thPosted:14/07/2009 17:04 GMT by NeedToKnowNews
  House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee will hold a second hearing to more thoroughly examine the oversight of the federal governmentâs intervention at the American International Group (AIG). âThe Capital Markets Subcommittee has led the efforts to examine the governmentâs intervention at AIG,â said Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. âBecause the Treasury Department and the Federal Reserve were unable to testify at our first Capital Markets hearing this week, I have worked with Financial Services Committee Chairman Barney Frank (D-MA) to convene a second hearing on AIG next week. I am pleased that on Tuesday afternoon, Treasury Secretary Geithner and Federal Reserve Chairman Bernanke will have the opportunity to explain directly and publicly the actions they have taken to rescue AIG from collapse and monitor the companyâs performance since then. They have much to clarify for the American public. I look forward to their appearances.â
• Earlier: Rep. Frank Indicates Banks Will Be Required to Disclose Whereabouts of 1st-Half TARP FundsPosted:09/07/2009 15:12 GMT by NeedToKnowNews
  Following the press conference on House leaders' meeting with economists this morning, Rep. Barney Frank said he was working with the inspector general to cut through red tape that was preventing certain disclosure requirements from applying to banks that borrowed funds under the TARP. He said the results of Congress' inquiries into the whereabouts of those funds would be made public, but would not speculate as to when.
• Pelosi & Frank: Automakers Must Demonstrate Willingness to Make Tough DecisionsPosted:11/07/2009 19:29 GMT by NeedToKnowNews
  The House speaker and Financial Services Committee chair sent a letter to Chrysler and GM today. It requested: * A documented assessment of each company's ability to ensure long-term viability as it retools for the future, including a target market size * A commitment that the sacrifices necessary to turn the industry around will be shared equitably by all stakeholders * A commitment to protecting and sustaining the health and pension benefits that have defined "quality" American jobs and allowed millions to enter the middle class * A demonstrated commitment to restructure each company's debt in a manner that protects taxpayer interests * An additional assurance that taxpayers benefit as corporate conditions improve and shareholder value increases * A demonstration of their abilities to achieve or exceed the fuel efficiency requirements set forth in the Energy Independence and Security Act of 2007, and the emissions standards adopted by California and other states, if they receive federal approval, and become a long-term global leader in the production of fuel-efficient and advanced technology vehicles.
• Pelosi Statement on Auto BailoutPosted:10/07/2009 14:06 GMT by NeedToKnowNews
  "The bipartisan bill passed by the House last night requires a restructuring of the auto industry to make it viable, competitive and fully accountable. With one in 10 American jobs tied to the auto industry, we must provide this jump start for an industry that is essential to our nation's economic health."