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News Now

Washington
House TARP hearing postponed
WASHINGTON (1/6/09)—A Jan. 7 hearing to review the U.S. Treasury Department's to-date use of the $700 billion in Troubled Asset Relief Program funds scheduled by the House Financial Services Committee has been postponed. In a release, Rep. Barney Frank (D-Mass.), chairman of the committee, gave no reason for the delay but did say he would announce a new time and date for the hearing. A witness list had not yet been made public. Frank has been critical of some aspects of the Treasury’s implementation of the TARP program, and even recently questioned specifically the impact on credit unions of that department’s choice not to use TARP funds to purchase troubled assets. (See related story: Frank wants CUs to have relief source.) The committee’s Jan. 9 hearing on the Federal Housing Administration's oversight of home mortgage loan originators remains on the schedule.


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