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News Now

Washington
Congress to study use of TARP dollars Fed liquidity efforts
WASHINGTON (2/5/09)—House Financial Services Committee Chairman Barney Frank (D-Mass.) has unveiled plans for two hearings next week: one spotlighting the Federal Reserve’s recent efforts to provide liquidity, another scrutinizing company’s use of TARP funds. Frank said next Tuesday, Feb. 10, the committee will conduct and examination of the Extraordinary Efforts by the Federal Reserve Bank to Provide Liquidity in the Current Financial Crisis.” For the following day’s session, the panel has called the CEOs of the first eight companies to receive TARP funds to testify on their use of the government assistance they have received. TARP is short for Troubled Asset Relief Program, which is administered by the U.S. Treasury. Also of interest to credit unions, later this month Federal Reserve Board Chairman Ben Bernanke is expected to testify Feb. 24 on monetary policy before the Senate Banking Committee. He will be presenting the Fed’s semiannual monetary policy report, which will be repeated in the House before the financial services panel.


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