- The Washington Times - Tuesday, April 21, 2009

Treasury Secretary Timothy F. Geithner returned to Capitol Hill on Monday to lawmakers’ demands for more transparency into the Obama administration’s plan to bail out the U.S. economy and to learn where the spending might end.

“Who’s next, the auto industry, the trucking industry, at what point does Starbucks get in line for some sort of bailout?,” asked Rep. Jeb Hensarling, a member of the Congressional Oversight Panel, which is holding the morning hearing.

Mr. Hensarling also said he voted against the multi-billion dollar bailout known as the Troubled Asset Relief Program, or TARP fund.

“It was seven billion dollars in search of a program,” he said.

RELATED STORY: Bank bailout may hurt taxpayers, be open to fraud

Panel Chairman Elizabeth Warren, a Harvard Law School professor, began the hearing by saying taxpayers are demanding the answers — as the recession continues and they feel overlooked in the government’s economic-recovery effort.

“People are angry,” she said. “They are paying for programs that are not fully explained. I appreciate the steps you have taken, but more has to be done. People need explanations.”

Mr. Geithner responded in his opening statement by saying the global economy remains in crisis and that he understands that people who “played by the rules” are paying for the reckless financial moves of others.

He also said the administration has published reports and held public meetings about its bailout efforts.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide