Chronology of Committee Work

Chairman Waxman Publishes Committee's Oversight Accomplishments

In the 110th Congress, the Committee conducted vigorous oversight to uncover waste, fraud, and abuse, to improve the operations of the federal government, and to examine wrongdoing in the private sector. At the close of this session, Chairman Waxman has published a selection of the Committee’s oversight accomplishments.

Committee Holds Hearing on Collapse of Fannie Mae and Freddie Mac

The Committee held a hearing titled, “The Role of Fannie Mae and Freddie Mac in the Financial Crisis” on Tuesday, December 9, 2008, in 2154 Rayburn House Office Building. The hearing examined the extent to which the actions and policies of Fannie Mae and Freddie Mac may have contributed to the ongoing crisis.

Committee Report Criticizes President’s Assertion of Executive Privilege

The Committee will next Tuesday consider a report supported by Chairman Henry A. Waxman and former Ranking Member Tom Davis finding that President Bush made a “legally unprecedented and an inappropriate use of executive privilege” when he directed Attorney General Mukasey to withhold Special Counsel Patrick Fitzgerald’s interview of Vice President Cheney from the Committee.

Committee Holds Hearing on Hedge Funds and the Financial Market

The Committee held a hearing titled, “Hedge Funds and the Financial Market” on Thursday, November 13, 2008. The hearing examined systemic risks to the financial markets posed by hedge funds and proposals for regulatory and tax reforms.

Chairman Waxman Praises GAO Transition Efforts

Chairman Henry A. Waxman issued a statement regarding the transition efforts of the Government Accountability Office.

Chairman Waxman Releases GAO Report on Federal Oversight of Part D Drug Pricing

Chairman Henry A. Waxman released a new GAO report titled “Medicare Part D Prescription Drug Coverage: Federal Oversight of Reported Price Concessions Data.” The report finds that the Centers for Medicare & Medicaid Services (CMS) has only conducted half of the scheduled audits of drug pricing information reported by the Part D plans.

Internal FDA Documents Show Career Staff Objected to Agency’s New Stance on Preemption

According to a report released today by Chairman Waxman, key FDA career officials strongly objected to Bush Administration drug labeling regulations that would preempt state liability lawsuits, asserting that the central justifications for the regulations were “false and misleading” and warning that the changes would deprive consumers of timely information about drug hazards.

Chairman Waxman Requests Compensation and Bonus Information for Employees of Major Banks

In letters to nine major banks that will receive $125 billion of taxpayer funds, Chairman Waxman requested information on their compensation and bonus plans in 2008.

Proposed Regulation Blocking Access to Healthcare Violates Executive Order

Chairman Waxman requested an explanation from HHS Secretary Leavitt on why a proposed rule that would threaten access to reproductive and other health services was issued in apparent violation of an executive order requiring interagency coordination and review.

Committee Holds Hearing on the the Role of Federal Regulators in the Financial Crisis

The Committee held a hearing titled, “The Financial Crisis and the Role of Federal Regulators” at 10:00 a.m. on Thursday, October 23, 2008, in 2154 Rayburn House Office Building. The hearing examined the roles and responsibilities of federal regulators in the current financial crisis.

Committee Holds Hearing on the Credit Rating Agencies and the Financial Crisis

The Committee held a hearing titled, “Credit Rating Agencies and the Financial Crisis” on Wednesday, October 22, 2008, in 2154 Rayburn House Office Building. The hearing examined the actions of the three largest credit rating agencies, Standard & Poor’s, Moody’s Corporation, and Fitch Ratings, leading up to the current financial crisis.

Chairman Waxman Reveals EPA Record of Court Losses, Opposes Legally Flawed Rule to Weaken Pollution Controls

In a letter to EPA Administrator Johnson, Chairman Waxman quantifies EPA’s extensive losses in federal court, details the harms they have caused, and urges EPA not to exacerbate those harms by issuing another legally reckless rule to weaken air pollution controls on power plants.

Chairman Waxman Requests Details of AIG Event Spending and Bonuses

In response to reports that AIG spent hundreds of thousands of dollars on extravagant employee events after receiving an $85 billion rescue package, Chairman Waxman requested a detailed listing of all conferences, events, or retreats paid for by AIG this year as well as bonuses paid to AIG executives.

Questions Raised about Iraq Fuel Charges

The International Oil Trading Company, which is owned by Harry Sargeant, charged prices that were not “fair and reasonable” to deliver fuel through Jordan to Iraq, according to internal Defense Department documents.

White House Orchestrated Taxpayer-Funded Trips to Help Republican Candidates

A draft Committee report circulated by Chairman Waxman finds that in the months before the 2006 elections, the White House Office of Political Affairs “enlisted agency heads across government in a coordinated effort to elect Republican candidates to Congress,” directing them “to make hundreds of trips – most at taxpayer expense – for the purpose of increasing the electability of Republicans.”

Chairman Waxman Raises Concerns About Rapidly Increasing Costs of Medicare Drug Coverage, Misleading CMS Statements

Chairman Waxman wrote to CMS Acting Administrator Kerry Weems about Medicare Part D premiums that are increasing by over five times the inflation rate, and about CMS statements that appear to mislead seniors about the impact of these increases. A new staff analysis shows that in 2009, Part D premiums will increase by an average of 22%, and that 92% of all Part D drug plan enrollees will pay higher monthly premiums.

Bipartisan Committee Report Criticizes President’s Assertion of Executive Privilege

A bipartisan report circulated today by Chairman Henry A. Waxman and Ranking Member Tom Davis finds that President Bush made a “legally unprecedented and an inappropriate use of executive privilege” when he directed Attorney General Mukasey to withhold Special Counsel Patrick Fitzgerald’s interview of Vice President Cheney from the Committee. A separate report circulated by Chairman Waxman criticizes the President’s assertion of executive privilege in the Committee’s investigation into recent climate change and Clean Air Act decisions. Both reports will be considered by the full Committee next week.

Chairman Waxman Requests Information on Health Insurance Recissions

As part of the Committee’s ongoing investigation, Chairman Waxman wrote to several insurance companies and each of the state insurance commissioners seeking information about the practice of companies retroactively cancelling individual health insurance policies after policyholders submit expensive claims.

Oversight Committee Hearing Rescheduled

The Oversight and Government Reform Committee today announced that the hearing on hedge funds previously scheduled for Thursday, October 16, 2008, has been rescheduled for Thursday, November 13, 2008. The Committee has postponed the hearing in order to accommodate the schedules of witnesses.

Committee Holds Hearing on the Causes and Effects of the AIG Bailout

The Committee held a hearing to examine the regulatory mistakes and financial excesses that led to government bailout of AIG. The hearing was held at 10:00 a.m. on October 7, 2008, in Rayburn House Office Building room 2154.

Committee Holds Hearing on Causes and Effects of the Lehman Brothers Bankruptcy

The Committee held a hearing to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers. The hearing was held at 10:00 a.m. on October 6, 2008, in Rayburn House Office Building room 2154.

Committee to Hold Hearings on Collapse of Lehman Brothers and AIG

Chairman Henry A. Waxman announced that the Oversight Committee will hold two days of hearings to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers and the government bailout of AIG.

Waste, Fraud, and Abuse Identified by Oversight Committee Investigations

The House Committee on Oversight and Government Reform has held dozens of hearings and conducted numerous investigations into waste, fraud, and abuse in federal spending. This work has identified billions in misspent or mismanaged funds.

Chairman Waxman Announces Hearings on Financial Meltdown

The Oversight Committee will hold five hearings in October on the causes and impacts of the financial crisis on Wall Street. In addition to two hearings next week on the collapse of Lehman Brothers and AIG, the Committee will hold hearings on the regulation of hedge funds with fund managers who earned over $1 billion (October 16 November 13); on the breakdown in credit ratings with the CEOs of the major rating agencies (October 22); and on the role of federal regulators with former Federal Reserve Chairman Alan Greenspan, former Treasury Secretary John Snow, and SEC Chairman Christopher Cox (October 23).

Members Support Principles for Global Warming Legislation

152 Members of Congress, led by Rep. Waxman, Rep. Markey, and Rep. Inslee, sent a letter to Speaker Pelosi detailing a set of principles to guide Congress as it produces legislation to establish an economy-wide mandatory program to address the threat of global warming.

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