Wednesday, January 27, 2010

Oversight: Treasury Secretary Faces Congress

From the Washington Post:

Nearly a year after Geithner was confirmed, his actions to rescue the financial system -- first as president of the Federal Reserve Bank of New York and then as Obama's initial Treasury secretary -- have made him a lightning rod for discontent with the Obama administration.

Geithner will come under fire again Wednesday when he faces questions at a hearing on Capitol Hill about his role in bailing out the insurer American International Group while he was New York Fed president. The grilling comes as lawmakers from both parties are becoming more aggressive in challenging Obama over federal rescue efforts, which have helped bring huge profits to Wall Street but have failed to significantly trim the ranks of the jobless.

With populist fervor putting Democrats in electoral jeopardy, lawmakers took aim in recent days at Federal Reserve Chairman
Ben S. Bernanke, another key figure behind the bailout,

This applies to our discussions of both checks and balances (in 2301) and congressional oversight authority (in 2302).