Washington, D.C.- After today’s hearing with the Treasury Secretary, the Federal Reserve and Federal Deposit Insurance Corporation Chairman, Congressman Randy Neugebauer, Deputy Ranking Member of the Financial Services Committee, issued the following statement:

“From the beginning, I have been concerned with the large degree of government intervention in our financial markets.  After today’s hearing, I am not convinced that further government spending will address the issues of these struggling automotive companies or our economy.

“Congress must draw the line somewhere. We can not keep writing blank checks, expanding our national debt and leveraging our children and grandchildren’s future.

“We must have a more detailed accounting for American taxpayer of the various actions the federal government has taken over the past year.  The actual costs and liabilities are nearly $2 trillion, if not more.

“On Friday, I wrote a letter to Secretary Paulson, Chairman Bernanke and Chairman Bair requesting additional information from the agencies to compile the actual costs and taxpayer exposure created by the increased federal involvement in the economy, and I followed up on that request today.  I believe the federal government must be held accountable for the total cost and exposure put on the taxpayers.

“Congress also has an opportunity to take a step back and reassess how funds not yet committed from the bailout legislation should be used or whether those funds are still needed. 

“Therefore, I plan to introduce legislation that will amend the Emergency Economic Stabilization Act of 2008. My legislation will require Congress to grant direct approval of Treasury’s plans for using the second $350 billion.  With this approach, no funds could be spent until after Congress passes a resolution that specifically approves of Treasury’s plan.   Congress should have another up or down vote on using these funds.

“Congress must take a more decisive role on behalf of the American taxpayers.  As actions are taken to stabilize our financial markets and put our economy back on track, we must have a long-term plan and an exit strategy so the government can exit from these interventions.”

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