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News Now

Washington
Geithner to testify on TARPs first six months
WASHINGTON (4/21/09)—The Congressional Oversight Panel charged with keeping tabs on the expenditures of the Troubled Asset Relief Program (TARP) set a hearing today at which U.S. Treasury Secretary Timothy Geithner will testify. Earlier this month the panel released a six-month report on TARP, which indicated mixed results of the Treasury program’s success to help resolve the country’s financial crisis. Elizabeth Warren, the panel’s chairman, said at the time that the Treasury's outlook on the crisis has focused on banks' problems as temporary and has failed to acknowledge that the crisis may be deeper. The report noted that Treasury has spent or committed about $590.4 billion of the total $700 billion in TARP funds approved by Congress, and has relied on the Federal Reserve's balance sheet to leverage the spending--which has expanded by more than $1 trillion. Warren said, "Treasury's efforts to date could be enough, but we will continue to press them."


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